Oil prices rose significantly during this moment of trading on Monday following the announcement of a trade deal between the United States and the European Union, in addition to statements by U.S. President Donald Trump regarding reducing the deadline he set for Russia to end its war in Ukraine, or face severe tariffs. Brent crude futures rose by 2% to reach $69 per barrel. U.S. West Texas Intermediate crude futures also rose by 2.05% to record $66.50 per barrel. On the other hand, global gold prices fell significantly during this moment of trading today, as risk appetite improved in the markets following the conclusion of a trade agreement between the United States and the European Union, while investors are awaiting the monetary policy meeting of the U.S. Federal Reserve later this week. Gold recorded $3,327 in spot transactions, down about 0.3%, after touching its lowest levels since July 17 earlier today. U.S. gold futures also fell by 0.27% to $3,383 per ounce. In other markets, spot silver prices fell to $38.13 per ounce, while platinum rose by 0.2% to $1,404.72, and palladium gained 1.2% to record $1,234.97 per ounce. From the impact of trade agreements on oil to interest rate forecasts on gold, InvestingPro provides you with a comprehensive view of the market drivers. With WarrenAI, you can analyze key trends and the impact of political events on your investments. The summer 50% rebate is now available - the golden opportunity to make informed investment decisions during this sensitive period. Seize the opportunity now - click here and start your investment journey at the lowest cost! Reducing the deadline set for Russia supports the markets. President Donald Trump announced on Monday that he would reduce the fifty-day deadline he gave to Russian President Vladimir Putin to reach a peace agreement with Ukraine or face "huge secondary tariffs" on Moscow's trade partners. Trump said in Scotland alongside British Prime Minister Keir Starmer before a bilateral meeting with the European leader: "I am disappointed with President Putin." Trump stated: "I will reduce the fifty-day deadline I gave him to a shorter period." Trump had set this deadline on July 14, stating that buyers of Russian exports would face tariffs "of almost 100%" if no ceasefire agreement was reached with Ukraine by September. U.S.-European trade deal worth $750 billion. Washington reached a preliminary trade agreement with the European Union in Scotland on Sunday, which included a 15% U.S. tariff on most European goods, half the rate that was threatened, thus sparing both sides from a broader trade war. This agreement contributed to increased risk appetite in the broader financial markets, as European stocks rose to their highest level in four months, supported by gains in the automotive and pharmaceutical sectors. The terms of the framework trade agreement reached on Sunday with the European Union indicate the imposition of a 15% U.S. tariff on most European goods. Trump also noted that the agreement includes a commitment from the European Union to purchase $750 billion worth of American energy over the coming years. Senior U.S. and Chinese officials are scheduled to meet in Stockholm on Monday to try to extend the tariff truce between the two countries before the deadline on August 12. IG Markets analyst Tony Sycamore explained that the trade deal between the United States and the European Union, along with the possibility of extending the tariff suspension between the United States and China, contributes to supporting global financial markets and oil prices. Analyst Thomas Varga from PVM stated that the agreement between the United States and the European Union removed another layer of uncertainty from the markets, refocusing attention on the fundamentals, but also noted that the strength of the dollar and India's declining oil imports are putting pressure on prices. On the other hand, Giovanni Staunovo, a commodities analyst at UBS, said: "There are two opposing factors keeping gold balanced. The trade agreement between the United States and the European Union puts pressure on demand for safe assets." He added: "Conversely, this agreement alleviates some of the inflation-related uncertainties for the Fed, potentially allowing it to cut interest rates later this year, which typically benefits gold." Anticipating the Federal Reserve's decisions, it is expected that the U.S. central bank will keep the benchmark interest rate within the range of 4.25% to 4.50% at the conclusion of its two-day meeting ending on Wednesday. Markets still anticipate the possibility of an interest rate cut in September. U.S. President Donald Trump stated on Friday that he had a positive meeting with Federal Reserve Chair Jerome Powell, indicating the latter's potential inclination towards cutting interest rates.