Rising tensions between US and Iran are causing WTI crude oil prices to climb higher. To make matters worse, OPEC also has plans to continue with crude production cuts beyond June, which are also keeping crude prices high in markets.

However, the escalating trade war between US and China has global markets worried about a slowdown in economic growth. This is holding crude oil back from rising to new highs in recent times.

At the time of writing, WTI crude oil is trading $63.53 and climbing towards $63.60.

OPEC is due to meet during June 25-26, but latest reports suggest that the meeting could be pushed to July 3-4. Saudi Arabia has already expressed its interest in continuing with curbing crude production.