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Global crude oil benchmarks climbed on Monday, 07 July 2025, as evidence of resilient demand helped offset the market impact of a steeper-than-expected production hike from the OPEC+ alliance and renewed concerns over US trade tariffs.

Brent crude futures settled $1.28 higher, or 1.9%, at $69.58 per barrel.

WTI crude gained 93 cents, or 1.4%, to close at $67.93.

The rally came despite OPEC+’s decision over the weekend to increase output by 548,000 barrels per day (bpd) for August—well above the previous monthly additions of 411,000 bpd. Analysts initially expected the announcement to weigh on prices. However, sentiment turned bullish as fresh data highlighted exceptional demand strength, particularly in the US.

According to industry figures released late last week, a record number of Americans were projected to travel over the Fourth of July holiday, both by air and on the road, underscoring a strong appetite for fuel despite broader macroeconomic uncertainties.

Adding to the bullish tone, Saudi Arabia surprised buyers in Asia by raising prices for its flagship crude grade. The move was widely interpreted as a show of confidence that the market can comfortably absorb the additional barrels being introduced under the new OPEC+ quota.

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