Standard Chartered: Time To Dial Down the Oil Panic? ...Middle East

Oil prices earned an unexpected reprieve on Wednesday afternoon, regaining over 3% immediately following U.S. President Donald Trump's surprise decision to pause reciprocal tariffs for 90 days for all except China. After flirting with prices below $60, Brent crude was trading up 3.41% at 2:56 p.m. ET, while WTI was trading up 3.74%, breaching the $61/barrel mark. This week, Brent crude at one point dipped below $60 per barrel after OPEC+ revealed plans to accelerate its phase-out of production cuts. Brent crude for May delivery sank 6.3% to $58.68…

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