Oil prices rose following an agreement between the U.S. and Iran to halt recent hostilities in the Middle East.
U.S. West Texas Intermediate futures increased by 1.9% to $70.56 per barrel, while Brent crude futures rose by 1.3% to $72.91.
These movements come amid ongoing military tensions between the U.S. and Iran, which continue to unsettle energy markets.
The U.S. military attacked several Iranian targets after a commercial tanker was reportedly struck by an Iranian projectile over the weekend.
U.S. President Donald Trump warned Iran of devastating consequences.
Strategists at ING noted that energy market participants appear overly optimistic, and the market still faces risks.
