Boosted by a trade agreement between the US and Vietnam, international crude oil prices rose on July 2. US President Donald Trump and Vietnamese state media announced they reached a deal through last-minute negotiations to impose a 20% tariff on various Vietnamese export products.

West Texas Intermediate (WTI) crude for August delivery increased by US$2.00 (3.1%), reaching US$67.45 per barrel on the New York Mercantile Exchange. Brent crude for September delivery grew by US$2.00 (3%), settling at US$69.11 per barrel.