Oil prices increased on Tuesday as markets responded positively to ongoing U.S.-China trade negotiations in London. Brent crude rose to $67.20 per barrel while U.S. crude reached $65.43.
The price gains reflect investor optimism that a trade deal could boost global economic growth and oil demand.
Meanwhile, Saudi Arabia plans to slightly reduce its oil shipments to China in July, and OPEC+ continues to gradually increase production.
Separate negotiations between the U.S. and Iran regarding nuclear issues and sanctions remain unresolved, which could impact future oil supply if sanctions are lifted.