Oil Prices Rebound Amidst Rising Tensions

Crude oil prices experienced a significant rebound, increasing by more than 2.5% on Tuesday. This surge comes in the wake of recent geopolitical tensions in the Middle East, particularly after Hamas announced its withdrawal from truce talks with Israel, citing a 'hunger war' against Palestinians in the Gaza Strip.

Market Reactions to OPEC+ Decisions

The oil market is also reacting to the OPEC+ decision to increase output for the second consecutive month, which had previously led to a sharp decline in prices. Despite this, the current geopolitical climate has overshadowed the impact of increased supply, driving prices upward.

Current Oil Prices

As of early Tuesday, West Texas Intermediate (WTI) for June's settlements saw a 2.92% increase, reaching $58.80 per barrel. Similarly, Brent for July's deliveries climbed by 2.82%, selling for $61.93 per barrel.