West Texas Intermediate crude prices rebounded sharply on Tuesday, surging more than 3.6% to $59.10 per barrel by 10:00 a.m. ET, as escalating geopolitical tensions in the Middle East rattled energy markets.
The rally came after Israeli fighter jets launched a wave of airstrikes in Yemen, targeting Houthi-controlled infrastructure, including Sanaa International Airport, in retaliation for recent missile and drone attacks on Ben Gurion Airport that left several injured.
War Tensions Reverse Monday’s Oil Slump
The sharp rebound in oil fully reversed Monday’s losses, which had been triggered by OPEC+’s decision to increase output by 411,000 barrels per day …