Crude Oil Prices Rebound Sharply

Crude oil prices experienced a significant rebound, rising by more than 2.5% on Tuesday. This uptick comes as a recovery from the previous day's sharp decline, which was triggered by the OPEC+ alliance's decision to increase output for the second consecutive month.

Impact of Geopolitical Tensions

The surge in oil futures is further fueled by heightened geopolitical tensions. Hamas announced its withdrawal from truce talks with Israel, citing the "hunger war" against Palestinians in the Gaza Strip as a primary concern.

Market Reactions

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