Oil prices climbed during Monday's Asian trade after United States President Donald Trump extended a deadline for trade talks with the European Union, easing fears of tariffs that could hit global growth and energy demand.
By 3:10 pm AEST (5:10 am GMT), Brent crude rose $0.24 to US$65.02 per barrel, while WTI gained $0.22 to $61.76 per barrel.
Trump said he would delay the deadline until July 9 after European Commission President Ursula von der Leyen requested more time to finalise a deal.
Both benchmarks also extended gains from Friday, when they closed 0.5% higher amid limited progress in U.S.-Iran nuclear negotiations and ahead of the U.S. Memorial Day holiday.
ANZ analysts said: "The two countries concluded a fifth round of talks that yielded ‘some but not conclusive progress’ according to Iranian Foreign Minister Abbas Araghchi. There are concerns that the Trump administration may tighten sanctions on Iran to force it to drop its nuclear ambitions."
However, gains were capped by expectations that OPEC+ could agree to increase production by 411,000 barrels per day at its upcoming meeting.
