Crude prices strengthened on Monday, reversing course as geopolitical tensions continued to support the market and a trade war between the U.S. and China was declared “on hold.”

Geopolitical concerns that U.S. sanctions on Iran could curb the country‘s crude exports have led crude prices to trade higher in recent weeks, and the market is now weighing the possibility of additional sanctions on Venezuela following the country‘s presidential election.

futures were up 57 cents at $79.08 a barrel by 2:26 p.m. futures were up 87 cents, or 1.2 percent, at $72.15.

Brent pushed past $80 a barrel last week for the first time since 2014, and the market may again try to clear that hurdle, said Gene McGillian, Vice President of Research at Tradition Energy in Stamford, Connecticut.