Doha: Oil prices rose on Tuesday after the United States and China agreed to extend a pause on higher tariffs, easing concerns that an escalation of their trade dispute could damage economic growth and curb fuel demand in the world’s two largest oil consumers. Brent crude futures gained 26 cents, or 0.39%, to $66.90 a barrel, while US West Texas Intermediate (WTI) crude futures rose 22 cents, or 0.34%, to $64.18.

According to Qatar News Agency, US President Donald Trump extended the tariff truce with China for an additional 90 days, a White House official confirmed on Monday, averting the imposition of triple-digit duties on Chinese goods as US retailers prepare for the year-end holiday shopping season. The extension of the tariff pause has been seen as a positive step toward resolving trade tensions that have been a growing concern for global markets.

Investors are also awaiting US inflation data due later on Tuesday, which could offer clues on the Federal Reserve’s interest rate path. Any signal of a potential rate cut would likely lend further support to crude prices, as lower interest rates can stimulate economic activity and increase demand for oil. The market continues to closely monitor these developments, as they have significant implications for both the global economy and the energy sector.