Oil Prices Surge Amid Geopolitical Unrest and OPEC+ Outlook

Oil futures surged as geopolitical unrest and OPEC+ outlooks indicate that current output cuts will be maintained. Western Texas Intermediate settled just below $82 a barrel following a 3% decline in the previous week. The ongoing drone strikes by Ukraine are adversely affecting Russia’s crude-refining capabilities, with Rosneft’s Kuibyshev oil refinery in Samara, Russia forced to shut half of its capacity after a recent attack. The refinery's closure underscores the impact of the escalating tensions. These developments continue to influence the global oil market, warranting close attention to geopolitical events and OPEC+ decisions.