Oil Prices Rise As US, EU Enter Trade Talks

Oil prices rose for the third consecutive day on July 26 after Saudi Arabia suspended oil shipments through a strait in the Red Sea and as trade tensions between the U.S. and the European Union (EU) eased.

Brent futures rose 57 cents to $74.50 a barrel (bbl) by 10:42 a.m. CT. The contract earlier touched $74.83/bbl, highest since July 16. U.S. West Texas Intermediate (WTI) crude futures were up 41 cents at $69.71.