Crude oil prices rose by more than 2.5% on Tuesday, continuing to rebound from yesterday’s sharp decline caused by the OPEC+ decision to increase the output for a second consecutive month. The increase in oil futures also comes after Hamas announced it is no longer interested in truce talks with Israel due to the “hunger war” against Palestinians in the Gaza Strip. West Texas Intermediate (WTI) for June’s settlements jumped by 2.92% at 5:37 am ET to go for $58.80 per barrel. Meanwhile, Brent for July’s deliveries climbed by 2.82% and sold for $61.93 per barrel at 5:39 am ET.
The prices of oil futures grew after Israel launched a counter-attack on various targets across Yemen in response to the Houthi movement striking the Ben-Gurion Airport in Tel Aviv. West Texas Intermediate (WTI) for June’s deliveries rose by 1.54% at 12:02 am ET to sell for $58.08 per barrel. A minute later, Brent for July’s settlements gained 1.56% to go for $61.19 per barrel.