Oil Prices Rally Amidst Geopolitical Strain

In a dramatic turn of events, crude oil prices surged by more than 2.5% on Tuesday, marking a significant rebound from the previous day's downturn. This uptick is largely attributed to escalating tensions in the Middle East, particularly after Hamas declared its withdrawal from truce talks with Israel, citing a 'hunger war' against Palestinians in Gaza.

Market Reactions to OPEC+ Decisions

The oil market's volatility continues as OPEC+'s recent decision to increase output for the second consecutive month initially led to a sharp decline in prices. However, the market has shown resilience, with prices quickly recovering amidst the current geopolitical climate.

Price Movements at a Glance

West Texas Intermediate (WTI) for June's settlements witnessed a 2.92% increase, reaching $58.80 per barrel by 5:37 am ET. Similarly, Brent crude for July's deliveries saw a 2.82% rise, trading at $61.93 per barrel by 5:39 am ET.