Oil Prices Rebound Strongly Amidst Rising Tensions

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

Impact of Middle East Tensions on Oil Markets

The escalation of tensions in the Middle East, particularly after Hamas announced its withdrawal from truce talks with Israel, citing a "hunger war" against Palestinians in Gaza, has further fueled the rise in oil futures.

Market Reactions and Price Movements

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 rose by 2.82%, trading at $61.93 per barrel at 5:39 am ET.