Oil prices are just starting to gush higher. Last trading at $64.85, oil could rally back to $70 with growing optimism over US-China trade talks. In fact, if a deal can be reached, there’s hope it will boost the global economic outlook and fuel demand.

Oil prices fell and stocks climbed in early trading on Monday, indicating optimism among investors about the limits of economic fallout from the ongoing Israel-Iran conflict. The Dow Jones Industrial Average surged 415 points, or 1%, erasing much of the losses suffered on Friday as back-and-forth strikes broke out between the two countries.