President Donald Trump extended a trade truce with China for another 90 days Monday, at least delaying once again a dangerous showdown between the world’s two biggest economies.

Oil prices rose on Tuesday as the United States and China extended a pause on higher tariffs, easing concerns an escalation of their trade war would disrupt their economies and crimp fuel demand in the world's two largest oil consumers.

U.S. levies on Chinese goods like toys, footwear and furniture could rise sharply if a deal is not approved by Tuesday’s deadline.