Oil prices rose more than 2 per cent on Monday after China and U.S officials claimed progress in trade talks over the weekend- the first weekly gains since mid-April.

Brent crude futures climbed +1.65, or 2.58%, to $65.56 a barrel by 8:33 AM WAT on Monday.

The benchmarks rose more than $1 on Friday and gained over 4% last week.

The United States and China ended trade talks on a positive note on Sunday, with U.S. officials promising a “deal” to reduce the U.S. trade deficit, while Chinese officials said both had reached “important consensus”.

However, neither side released any details of the talks with Chinese Vice Premier He Lifeng, saying a joint statement would be issued on Monday.

Currently, trade is being disrupted by massive tariffs levied by both countries, although the market thinks positive talks between the world’s two largest economies could help boost crude demand.

The market was also helped by the agreement between OPEC+ to boost output in May and June 2025. Although survey proved output by the group was down in April.

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Additionally, talks between Iranian and U.S. negotiators to resolve disputes over Tehran’s nuclear programme ended in Oman on Sunday with further negotiations planned, officials said, as Tehran publicly insisted on continuing its uranium enrichment.