Oil futures rebounded sharply Monday, with the U.S. benchmark closing at its highest level in seven weeks on signs of strengthening Asian demand and expectations a preliminary agreement to curb Iran’s nuclear program won’t see the market immediately swamped with more crude.

On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in May jumped $3, or 6.1%, to close at $52.14 a barrel. That marked the highest close for a most-active futures contract since Feb. 17. May Brent crude on London’s ICE Futures exchange rose $3.17, or 5.8%, to $58.12 a barrel. Both benchmarks saw their biggest one-day percentage gains since Feb. 3.

Saudi Arabia over the weekend raised its official crude oil selling price for Asian buyers for May lifting on the back of strong refining margins in the region and a strong Dubai crude price benchmark, Singapore-based traders said. Strategists took the move as a further sign of strengthening demand in Asia. “The increase was only 30 cents a barrel, but it is worth noting this is the second consecutive month the Saudis have raised prices,” wrote Bob Shiring, analyst at Tradition Energy, in a note.

The dollar, meanwhile, had weakened after Friday’s weaker-than-expected U.S. jobs data as investors delayed expectations of an increase in the U.S. Federal Reserve’s key interest rate. A stronger dollar on the back of higher rate expectations has weighed on commodities prices in recent weeks.

Oil markets were closed on Friday, but oil prices had fallen sharply in electronic trade after reports of a framework Iranian nuclear deal raised concerns of more Iranian crude supply. However, futures have since recovered with analysts largely estimating that Iranian crude exports could take several months to ramp up significantly. “Even if a final deal is reached, we do not expect any physical market impact before 2016,” Adam Longson, head of oil research at Morgan Stanley, said in a report. He said if sanctions are lifted, Iran’s oil exports may increase by only 500,000-700,000 barrels a day given the underinvestment in Iran’s oil sector, while around 30-million barrels of floating storage could also come to market.

Barclays analyst Michael Cohen said Iranian oil sales will likely increase before June 30 but not on a large scale. “A return of one million barrels a day of Iranian oil exports is at least a year away, but 200,000-300,000 barrels a day of slippage is possible now that the parameters of an agreement are in place,” he said. While state-run Saudi Aramco Oil Co. raised price differentials for all its crude grades sold to Asia, it lowered most prices for the U.S., reflecting weaker Nymex crude prices and an oversupply in the U.S. market.

Meanwhile, the U.S. oil-rig count fell by 11 to 802 for the 17th consecutive week, according to Baker Hughes data.

Trading volumes are likely to remain thin with some markets still shut for Easter and other public holidays.