Oil prices rose about 1.5% to settle at a two-week high on Monday, after the U.S. and China agreed to temporarily slash tariffs, raising hopes of an end to the trade war between the world's two biggest economies.

U.S. futures surged after the U.S. and China announced they were suspending for 90 days most of the sharp tariff hikes each has imposed since U.S. President Donald Trump began escalating his trade war.

Oil prices were surging on Monday after the U.S. and China brokered a deal to pause most tariffs on each other's goods for the next 90 days. The Brent international benchmark gained 3.1% to trade at just under $66 a barrel,