New york: Oil prices rose on Monday after the United States and the European Union reached a trade agreement. Brent crude futures rose $1.63, or 2.4%, to $70.07 per barrel, while US West Texas Intermediate crude rose $1.62, or 2.5%, to $66.78 per barrel.

According to National Iraqi News Agency, the trade agreement between the US and EU has provided a boost to the global oil market, leading to an increase in oil prices. The agreement is seen as a positive development for international trade relations, contributing to the rise in crude values.

The increase in oil prices reflects market optimism about future economic activities and energy demand. The trade agreement is expected to have significant implications for the oil industry, influencing both production and consumption patterns in the upcoming months.