The prices of crude oil increased by more than 1% on Monday after United States President Donald Trump announced new 30% tariffs on goods from the European Union and Mexico, which European Commissioner for Trade and Economic Security Maros Sefcovic said would lead to the end of the bloc's trade relations with Washington. Investors also anticipated Trump's "major statement" about Russia amid reports of the US preparing a new plan to arm Ukraine with weapons that could strike deep into Russian territory, including Moscow.

West Texas Intermediate (WTI) for August's deliveries advanced by 1.55% at 6:41 am ET, to go for $69.51 per barrel. Meanwhile, Brent for settlements in September rose by 1.48%, going for $71.40 per barrel at 6:42 am ET.