Oil prices rose nearly 2% on Monday as signs of strong demand more than offset the impact of a higher-than-expected OPEC+ output hike for August and fresh concerns about the potential impact of U.S. tariffs.

The price of oil was stable on Monday despite a larger-than-expected increase in production by the Organization of the Petroleum Exporting Countries and its allies. Seasonal demand and doubts about the actual increase in output explain the muted reaction.