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

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.