Oil prices are just starting to gush higher. Last trading at $64.85, oil could rally back to $70 with growing optimism over US-China trade talks. In fact, if a deal can be reached, there’s hope it will boost the global economic outlook and fuel demand.

U.S. oil benchmark prices climbed roughly 7% to about $73 a barrel, the highest level since early April. U.S. government borrowing costs climbed. Tech stocks like Nvidia and Tesla moved lower, while shares in oil and defense-industry firms like Chevron, Lockheed Martin, and Palantir traded up.