Oil futures jumped early Monday, boosted after the U.S. and China agreed to sharply cut tariffs on each other. The boost for crude accompanies a rally in other assets perceived as risky, with stocks jumping in Asia and Europe and U.

Oil futures added to last week’s gains as the U.S. and China agreed to slash tariffs for 90 days, but settle off the day’s highs as talks on Iran’s nuclear program and the Russia-Ukraine war keep open the possibility of sanctions eventually being lifted.