Oil prices were up nearly 3 percent on Monday after OPEC+ agreed to push back its December production increase by at least a month, prioritizing price support over regaining market share.
Benchmark Brent crude futures jumped 2.5 percent to $74.89 a barrel in European trade, while WTI crude futures were up 2.7 percent at $71.35.
The group led by Saudi Arabia and Russia was supposed to begin a series of monthly production increases by adding 180,000 barrels a day from December.
Now, the decision has been postponed due to recent pressure on prices from weak demand growth, especially in China and Europe.
Oil prices also remain supported by persisting Middle East tensions and expectations of China's fiscal stimulus.
Iran's Supreme Leader Ayatollah Ali Khamenei has vowed that Israel and the U.S. would face a "teeth-breaking response" for their actions against the country.
The Wall Street Journal reported that Iran is planning a complex attack on Israel, which may include missiles with high-powered warheads.
Investors await a meeting of China's National People's Congress this week that is expected to unveil a new fiscal stimulus package focused on stabilizing the economy through local government debt swaps and injections of capital into banks.
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