Oil Prices Rebound Strongly Amid Rising Tensions

Crude oil prices experienced a significant uptick, soaring by more than 2.5% on Tuesday. This rebound follows a sharp decline triggered by OPEC+'s decision to increase output for the second consecutive month.

Impact of Middle East Tensions on Oil Markets

The escalation in oil futures is further fueled by Hamas's announcement to withdraw from truce talks with Israel, citing a "hunger war" against Palestinians in the Gaza Strip. This development adds to the geopolitical tensions affecting global oil supply and demand dynamics.

Market Reactions

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