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 have risen significantly due to a breakthrough in US-China trade negotiations, including tariff reductions, which has eased concerns about trade tensions and boosted expectations for global economic growth.

Crude oil prices rebounded sharply after plunging to a four-year low earlier in the month, driven by a breakthrough in US-China trade relations. The world’s two largest economies agreed to temporarily roll back steep tariffs that had weighed heavily on global growth prospects and energy demand in recent weeks178.