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Brent Rises on Middle East War Jitters, While WTI Dips Ahead of Inventories Report

An aerial view shows Vladimir Arsenyev tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo Purchase Licensing Rights
An aerial view shows Vladimir Arsenyev tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo Purchase Licensing Rights
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Brent Rises on Middle East War Jitters, While WTI Dips Ahead of Inventories Report

An aerial view shows Vladimir Arsenyev tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo Purchase Licensing Rights
An aerial view shows Vladimir Arsenyev tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo Purchase Licensing Rights

Brent crude futures edged up in early trade on Thursday as Israeli tanks advanced into Gaza, while US crude futures dipped on the prospect of swelling oil inventories.

Brent crude futures for August delivery rose 8 cents to $85.15 a barrel by 0008 GMT. US West Texas Intermediate crude for June was down 27 cents, or 0.3%, to $81.30 per barrel.

A US federal holiday, Juneteenth, kept trading activity subdued.

Israeli troops, backed by tanks, warplanes and drones, moved farther into the Gaza Strip city of Rafah on Wednesday, killing eight people, residents and Palestinian medics said.

Escalating war in the Middle East supports prices as a wider conflict could disrupt oil supply from the region, according to Reuters.

WTI crude, meanwhile, slipped ahead of the US government's oil inventories report, which was delayed by a day due to the national holiday. The Energy Information Administration is due to release last week's oil stocks data at 11 a.m. EDT (1500 GMT) on Thursday.

An industry report release on Tuesday showed US crude stocks rose by 2.264 million barrels in the week ended June 14, market sources said, citing American Petroleum Institute figures, while gasoline inventories fell.

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Trump Says Fresh US-China Trade Talks in London Next Week

The upcoming meeting in London comes after a call between Chinese President Xi Jinping and US President Donald Trump aimed at calming tensions over tariffs. Evgenia Novozhenina, SAUL LOEB / POOL/AFP/File
The upcoming meeting in London comes after a call between Chinese President Xi Jinping and US President Donald Trump aimed at calming tensions over tariffs. Evgenia Novozhenina, SAUL LOEB / POOL/AFP/File
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Trump Says Fresh US-China Trade Talks in London Next Week

The upcoming meeting in London comes after a call between Chinese President Xi Jinping and US President Donald Trump aimed at calming tensions over tariffs. Evgenia Novozhenina, SAUL LOEB / POOL/AFP/File
The upcoming meeting in London comes after a call between Chinese President Xi Jinping and US President Donald Trump aimed at calming tensions over tariffs. Evgenia Novozhenina, SAUL LOEB / POOL/AFP/File

US President Donald Trump announced Friday a new round of trade talks with China in London next week, a day after calling Chinese counterpart Xi Jinping in a bid to end a bitter battle over tariffs.

The talks in the British capital on Monday will mark the second round of such negotiations between the world's two biggest economies since Trump launched his trade war this year.
"The meeting should go very well," said Trump in a post on his Truth Social platform.
The president added that US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer would meet the Chinese team.
The first talks between Washington and Beijing since Trump slapped levies on allies and adversaries alike took place in Geneva last month.
While Trump had imposed a sweeping 10 percent duty on imports from most trading partners, rates on Chinese goods rocketed as both countries engaged in an escalating tariffs battle.
In April, additional US tariffs on many Chinese products hit 145 percent while China hit back with countermeasures of 125 percent.
Following the talks last month, both sides agreed to temporarily bring down the levels, with US tariffs cooling to 30 percent and China's levies at 10 percent.
But this temporary halt is expected to expire in early August and Trump last week accused China of violating the pact, underscoring deeper differences on both sides.
US officials have accused China of slow-walking export approvals of critical minerals and rare earth magnets, a key issue behind Trump's recent remarks.
While Trump's long-awaited phone call with Xi this week likely paved the way for further high-level trade talks, a swift resolution to the tariffs impasse remains uncertain.