International oil prices climbed again on Wednesday.
West Texas Intermediate (WTI), the U.S. oil benchmark, rebounded after a one-day drop, while Brent crude, the international benchmark, rose for the first time in three days.
WTI trading was suspended on Monday for the Memorial Day holiday in the U.S.
The price surge was fueled by renewed supply concerns.
U.S. President Donald Trump sharply criticized Russian President Vladimir Putin for escalating the Ukraine conflict while showing reluctance in ceasefire talks and hinted at possible additional sanctions, sparking the surge.
Trump warned that Putin is playing with fire and could face severe consequences.
Fears of a potential breakdown in U.S.-Iran nuclear negotiations also contributed to the price increase.
The prospect of a failed deal raises concerns about a possible Israeli airstrike on Iranian nuclear facilities, which would likely disrupt Iran’s oil supply.
However, expectations that the Organization of the Petroleum Exporting Countries Plus (OPEC+) would increase production limited the increase in prices.
OPEC+ reaffirmed its commitment to production levels agreed upon last December, aiming to cut about 2 million barrels per day until the end of 2026.
The market is closely watching the upcoming virtual meeting on Saturday, where eight major member countries, including Saudi Arabia, who had previously implemented voluntary cuts, are expected to decide on their future output.
These nations are effectively boosting output by reversing their production cuts.
Brent crude for July delivery closed at 64.90 USD per barrel, up 0.81 USD (1.26%) from the previous day. This marked a rebound after two consecutive days of decline.
WTI for July delivery also rose by 0.95 USD (1.56%) to 61.84 USD per barrel, reversing a one-day drop.
