By George Glover

Oil prices were surging on Monday, driven higher by a flare-up in tensions in the Russia-Ukraine war and a lower-than-expected output hike by the OPEC+ cartel of producers.

The Brent international benchmark jumped 3% to just under $65 a barrel, and West Texas Intermediate U.S. prices jumped 3.4% to just under $63 a barrel.

Crude was rallying after Ukraine launched drone attacks on four military airports in Russia, destroying more than 40 warplanes. Geopolitical shocks have tended to trigger short-term oil spikes in recent years, although concerns about waning global demand have kept a lid on prices.

Events in eastern Europe weren't the only factor driving oil prices higher. OPEC+ agreed to hike production by 411,000 barrels a day, upping its output by less than what some traders were expecting.

Shares in oil majors were edging higher Monday. Chevron stock climbed 0.7% and Exxon Mobil stock rose 0.8% ahead of the U.S. opening bell. Futures tracking the S&P 500 were down 0.5%.

Write to George Glover at george.glover@dowjones.com

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June 02, 2025 05:44 ET (09:44 GMT)

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