Oil prices jump more than 3% after China, US tariff suspension

BSS
Published On: 12 May 2025, 13:56

HONG KONG, May 12, 2025 (BSS/AFP) - Oil prices rocketed more than three percent Monday after China and the United States agreed to suspend sweeping mutual tariffs and look to dial down a painful trade war between the economic superpowers.

West Texas Intermediate jumped 3.6 percent to $63.24 and Brent climbed 3.4 percent to $66.11 on hopes a pullback in tensions will support the global economy and boost demand for the commodity.

 

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