Gaza Conflict Escalates, OPEC+ Output Declines

Crude oil prices experienced a significant increase, rising by over 1% on Tuesday. This surge comes as hopes for a ceasefire between Israel and Hamas in Gaza fade, following Hamas's rejection of Israel's proposed interim truce. Hamas has stated its willingness to release all hostages on the condition that Israel ends the war and withdraws its troops from the Gaza Strip.

Israel's Stance Remains Firm

In response, Israeli Prime Minister Benjamin Netanyahu has firmly declared that Israel will not yield to Hamas's demands, emphasizing a commitment to not "capitulate" to the militant group's terms.

Market Reaction

West Texas Intermediate (WTI) for June's settlements saw a 1.38% increase, trading at $63.27 per barrel at 4:40 am ET. Shortly after, Brent crude for June's deliveries also climbed by 1.21%, reaching $67.05 per barrel.

Further developments are awaited as the situation continues to evolve.