The price of oil climbed 1.7% on Thursday as ongoing geopolitical hotspots in the Middle East and Ukraine remained in focus and amid the strained trade relations between the United States and China, the two of the world’s largest economies. Simultaneously, the Chinese media reported that US President Donald Trump held a phone call with his Chinese counterpart Xi Jinping. If confirmed, it would mark the first time the leaders spoke since the beginning of Trump’s second term and could have wide-reaching implications on bilateral relations between the two countries and the global economy. West Texas Intermediate futures for July contracts rose 1.59% at 9:45 am ET to exchange for $63.85 per barrel while Brent for the same month’s settlements advanced 1.37% at the same minute to go for $65.72 per barrel.