Oil climbs above $65 as US-China ease trade tensions

Oil prices surged to $65.99 on Monday after the US and China agreed to pause new tariffs, signalling a possible end to their trade dispute.

Brent crude rose by $2.08 (3.25%), while US WTI crude climbed $2.05 (3.36%) to $63.07. The 90-day tariff pause was agreed after talks in Geneva, with both countries also reducing some existing tariffs to 10%.

Analysts say the move could calm global markets and improve oil demand. Prices had fallen to $60 earlier due to ongoing trade tensions.