Oil prices jumped by about 4% on Monday after the U.S. and China said they would ease some of their tariff measures, raising hopes of an end to the trade war between the world's two largest consumers of crude oil.

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,

Oil prices soared following an agreement between the United States and China to slash tariffs, leading to increased optimism in global trade and the economy.