Oil Prices Rebound Amidst Rising Tensions

Crude oil prices experienced a significant rebound, climbing 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 surge in oil futures is further fueled by escalating tensions in the Middle East. Hamas has announced its withdrawal from truce talks with Israel, citing a "hunger war" against Palestinians in the Gaza Strip, adding to the geopolitical risks affecting oil markets.

Market Reactions

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.