Brent crude oil futures rise above $67 per barrel, up 1.56% intraday.

Brent crude oil futures rise above $67 per barrel, up 1.56% intraday.

Brent crude oil futures surged above $67 per barrel on Friday, climbing by 1.56% intraday. The significant increase in Brent crude prices was driven by a combination of geopolitical developments and market expectations. The rise in Brent crude prices comes amidst a backdrop of ongoing trade talks between China and the United States, which has opened the door for potential trade agreements that could boost global economic growth and, consequently, oil demand.

Furthermore, the U.S. Treasury Department's recent imposition of sanctions on entities linked to the CJNG cartel in Mexico has created uncertainty in the oil market. The sanctions could potentially disrupt fuel supplies and create scarcity, thus driving up oil prices. Additionally, the threat of new sanctions on Iran by U.S. President Donald Trump has contributed to the market's nervousness, further supporting oil prices.

On the supply side, OPEC+ has been unwinding its voluntary production cuts, which has been a significant factor in the recent price movements. According to a recent report by Barclays, the group is expected to fully unwind its voluntary production cuts by September 2026 . This move is part of a broader strategy by OPEC+ to balance market share goals with price stability, despite the potential risks of oversupply.

The market's reaction to these developments suggests a degree of relief that the pace of unwinding will be slower than initially anticipated. However, the resilience in spot fundamentals and a wide valuation gap have been key drivers of the constructive view on oil markets since early July .

In conclusion, the rise in Brent crude oil futures above $67 per barrel is a reflection of the interplay between geopolitical tensions, market expectations, and supply dynamics. As trade talks between China and the United States progress, and OPEC+ continues to adjust its production strategy, investors should closely monitor these developments for potential impacts on oil prices.

References:
https://ca.investing.com/commodities/crude-oil
https://boereport.com/2025/09/08/barclays-cuts-2026-brent-forecast-on-opec-supply-increase-expectations/