Oil prices retreated but remained near their highest levels since late April, supported by the U.S.-China trade truce and a new round of U.S. sanctions against Iranian oil.

WTI crude oil futures dipped lower from a two-week high after weekly oil inventories data indicated an unexpected rise in crude oil stocks. The American Petroleum Institute

Gas prices, though having risen slightly while oil prices continue to fall to prices not seen since 2021, could begin to dip downward despite the summer travel season.

President Donald Trump’s campaign promise of U.S. “energy dominance” is running into a flood of OPEC crude oil — a surge of fuel production pushed by the Saudi leaders greeting him during his Mideast trip this week.

Oil dropped after OPEC+ agreed to another large output increase, raising concern that additional supply could lead to a global glut just as the trade war threatens demand.

LONDON (Reuters) - Oil prices tumbled over 2% on Monday after oil producing group OPEC+ agreed to accelerate oil production increases, while Taiwan's dollar surged to almost three-year highs at the start of a central bank-packed week for world markets.

Oil prices rose over 3% after the U.S. and China agreed to ease tariffs following talks in Geneva, sparking optimism in global markets. The move signals a potential rebound in crude demand amid easing trade tensions and ongoing U.

The dollar soared and Treasuries fell as the trade war between China and the US eased, stoking appetite for risk assets.

The Canadian dollar weakened to a one-month low against its U.S. counterpart on Monday as a truce in the trade war between the United States and China triggered broad-based gains for the American currency.