Trump Agrees to Extend Tariff Deadline on EU to July 9
ChainCatcher reports that U.S. President Trump posted on social media early this morning, stating, "Today I received a call from European Commission President Ursula von der Leyen, requesting to extend the deadline for the 50% tariff related to EU trade to June 1. I agreed to extend it—July 9, 2025—it's my honor. The Commission President stated that negotiations will begin swiftly."
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EIA expects Brent crude spot prices to remain at $100 per barrel for the rest of the year and raises the average price forecasts for this year and next.
The U.S. Energy Information Administration (EIA) has raised its forecast for average Brent crude oil prices in 2026 and 2027 to $97 and $86, respectively, reflecting pressures from global inventory declines, Middle East supply disruptions, and rising transportation costs. As oil production in the Middle East gradually recovers and global inventories rebound from low levels, the EIA expects the average spot price of Brent crude to fall to $87 per barrel in the second quarter of 2027, and further decline to $77 per barrel by the fourth quarter.
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