Oil prices retreated but remained near their highest levels since late April, supported by the U.S.-China trade truce and a new round of U.S. sanctions against Iranian oil.

Could South Africa see fuel price cuts in June? Despite a recent surge in oil prices, the latest data suggests possible reductions for petrol and diesel. Discover what factors are at play.

Oil prices soared following an agreement between the United States and China to slash tariffs, leading to increased optimism in global trade and the economy.

U.S. benchmark oil prices settled Tuesday at their highest in three weeks, as trade-war optimism helped “alleviate consumer-demand concerns and recession worries,” said Tyler Richey, co-editor at Sevens Report Research.

Oil dropped after OPEC+ agreed to another large output increase, raising concern that additional supply could lead to a global glut just as the trade war threatens demand.

Oil prices rose over 3% after the U.S. and China agreed to ease tariffs following talks in Geneva, sparking optimism in global markets. The move signals a potential rebound in crude demand amid easing trade tensions and ongoing U.