Crude oil prices rose more than 4% in midday trading on Monday, June 8, the opening session of the week, amid escalating tensions in the Middle East following Israeli attacks on Lebanon over the weekend. Market concerns grew about a potential continuation of the conflict, diminished expectations of a deal between Washington and Tehran, and the continued closure of the Strait of Hormuz. Brent crude climbed approximately 4.05% to trade at $96.86 per barrel, while US crude (WTI) rose by about 4.44% to $94.56 per barrel.

The seven member countries of the OPEC+ alliance (Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman) decided on Sunday to increase production by 188,000 barrels per day in July, marking the fourth consecutive monthly increase.