Brent crude oil futures rose over 2% to $70 per barrel on Monday, as optimism grew from a US-EU trade deal and fresh comments from President Trump on Ukraine. Trump said the EU agreed to buy $750 billion in US energy, though details remain unclear. He also announced he may shorten the 50-day deadline he gave Russia to agree to a Ukraine ceasefire, expressing frustration that Putin hadn’t already done so. Previously, Trump warned of 100% tariffs on Russia if no truce is reached. While this boosted oil prices, longer-term concerns remain. Trump’s trade threats have fueled fears of slower global growth, which could hurt energy demand. At the same time, OPEC+ is expected to raise its production target again, raising the risk of oversupply. Meanwhile, US and Chinese officials are meeting to discuss trade, with signs they may extend their tariff truce.
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