Oil prices surge amid Middle East tensions
Oil prices rose by more than two dollars per barrel after Israel launched strikes on Lebanon, escalating tensions in the Middle East region and conflicting hopes of ending the war and resuming oil flow through the Strait of Hormuz. The futures contracts for West Texas Intermediate crude increased to $92.64, and Brent crude to $95.42, recovering previous losses. Meanwhile, OPEC+ announced that it has decided to increase production for the fourth time in four months, despite the limited expected impact due to ongoing security concerns.
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