Oil Prices Surge Over 3% Amid Iran-Israel Strikes

Oil prices increased significantly on Monday due to escalated tensions between Iran and Israel. Brent crude futures for July rose 3.18% to $96.05 per barrel, while U.S. West Texas Intermediate futures for August gained 3.46% to $93.67 per barrel. The Israeli Air Force targeted military locations in Iran following missile strikes that hit Israel, raising concerns about the sustainability of a ceasefire. Additionally, OPEC+ announced an increase in oil production targets by 188,000 bpd starting in July, marking the fourth quota hike since the closure of the Strait of Hormuz.