Crude Oil Prices Experience Significant Rise

On Tuesday, crude oil prices witnessed an increase of over 2.5%, marking a continued rebound from the previous day's sharp decline. This decline was initially triggered by the OPEC+ decision to ramp up output for the second month in a row.

Impact of Middle East Tensions

The uptick in oil futures has been further fueled by recent developments in the Middle East, where Hamas declared its withdrawal from truce talks with Israel. This decision comes in response to what Hamas describes as a "hunger war" against Palestinians in the Gaza Strip.

Market Reactions

West Texas Intermediate (WTI) for June's settlements saw a 2.92% jump, reaching $58.80 per barrel by 5:37 am ET. Similarly, Brent for July's deliveries climbed by 2.82%, selling at $61.93 per barrel by 5:39 am ET.