Oil Prices Rise Amid Gaza Conflict

Crude oil prices experienced a significant increase, rising by over 1% on Tuesday. This surge comes as hopes for a ceasefire between Israel and Hamas in Gaza were dashed after Hamas rejected Israel's proposal, demanding an end to the war and the withdrawal of Israeli troops.

OPEC+ Production Declines

In related news, OPEC+ reported a decrease in production by 37,000 barrels per day (bpd) in March, bringing total production to 41.02 million bpd. Additionally, OPEC has adjusted its global oil demand growth forecast for 2025 downwards.

Market Reaction

West Texas Intermediate (WTI) for June's settlements saw a 1.38% increase, selling for $63.27 per barrel, while Brent for June's deliveries climbed by 1.21% to $67.05 per barrel.