Oil Prices Rebound Sharply Amid Rising Geopolitical Tensions

Crude oil prices experienced a significant rebound, rising by more than 2.5% on Tuesday. This surge comes as a response to escalating geopolitical tensions and the recent OPEC+ decision to increase output for the second consecutive month. The situation was further complicated by Hamas's announcement to withdraw from truce talks with Israel, citing the "hunger war" against Palestinians in the Gaza Strip.

Market Reaction to Global Events

West Texas Intermediate (WTI) for June's settlements saw a notable increase of 2.92%, 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. These figures highlight the market's volatile reaction to global geopolitical developments and oil output adjustments.