Sri Lanka, May 12 -- Oil prices climbed over 3% in Asian trading on Monday (12), touching fresh intraday highs after the United States and China agreed to ease tariffs for a 90-day period, reviving hopes of a trade breakthrough.

Brent crude rose as high as $66.30 a barrel, while US West Texas Intermediate (WTI) hit $63.41.

The rally in crude was driven by a joint statement from Geneva, where both nations announced a temporary rollback of trade levies. The combined 145% US duties on most Chinese imports will be reduced to 30%, including the rate linked to fentanyl. In return, China's 125% tariffs on US goods will be cut to 10%. The easing is effective from May 14.

At the time of reporting, Brent crude was up 2.5% at $64.14 per barrel, w...