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
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
June 02, 2025 05:44 ET (09:44 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.