The May’25 Brent futures contract strengthened from $71.45/bbl at 0600 GMT up to $72.15/bbl at 1020 GMT, tapering off to $71.95/bbl at 1040 GMT (time of writing). Crude oil prices have been supported amid instability in the Middle East as well as the announcement of China’s additional plans for economic stimulus. In the news today, Israel has carried out extensive strikes in Gaza, killing more than 400 people, according to Palestinian health authorities. These latest attacks threaten the complete collapse of the ceasefire deal, as Israel has vowed to use more force to free hostages held by Hamas, Reuters reported. In other news, Vladimir Putin is demanding a suspension of all weapons deliveries to Ukraine during a ceasefire proposed by President Trump, as per Bloomberg. The two leaders are expected to speak by phone this afternoon to negotiate a potential 30-day truce. Finally, Russian Deputy Prime Minister Novak said that Russia’s oil output is expected to be 515-520 million metric tonnes in 2025, adding that the volume of oil processing would be higher compared to 2024, without specifying figures.At the time of writing, the May/June’25 and May/Nov’25 Brent futures spreads stand at $0.50/bbl and $2.60/bbl, respectively.
