Oil Prices Rebound Strongly

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

Impact of Middle East Tensions

The geopolitical landscape in the Middle East has further complicated the situation, with Hamas announcing its withdrawal from truce talks with Israel. This decision was attributed to the ongoing "hunger war" against Palestinians in the Gaza Strip, adding another layer of uncertainty to the oil market.

Market Reactions

West Texas Intermediate (WTI) for June's settlements saw a 2.92% increase, reaching $58.80 per barrel at 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.