Oil prices rose 2% on Monday after a trade deal between the U.S. and the European Union, and U.S. President Donald Trump's announcement that he would shorten the deadline for Russia to end its war in Ukraine or face sanctions.

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) is expected to modestly raise output in August, while Venezuelan crude could re-enter the market under a potential easing of U.S. sanctions.

Brent was above $68 a barrel after closing 1.1% lower on Friday, and West Texas Intermediate traded near $65. The bloc faces 15% levies on most of its exports, although Trump and European Commission President Ursula von der Leyen appeared to differ on some key details of the agreement.