Oil Prices Rebound Amidst Rising Tensions

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

Impact of Middle East Conflicts

The recent escalation in geopolitical tensions, particularly after Hamas announced its withdrawal from truce talks with Israel, citing a 'hunger war' against Palestinians in the Gaza Strip, has further fueled the rise in oil futures.

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.