Oil Prices Rebound As Gaza Deal Fades

Oil prices jumped nearly 3 percent on Tuesday, after having plunged to their lowest since February 2021 the previous day following OPEC+ decision to boost output and U.S. President Donald Trump's announcement of a 100 percent tariff on all films produced outside the United States.

Benchmark Brent crude futures jumped 2.8 percent to $61.93 a barrel in early European trade while WTI crude futures were up 2.9 percent at $58.77.

Oil prices snapped a two-day decline as rising tensions in the Middle East offset concerns about a potential supply glut and lingering concerns that Trump's protectionist trade policies could hamper global economic growth.

Middle East tensions intensified after Israel launched a counterattack on various targets across Yemen in response to the Houthi movement striking the Ben-Gurion Airport in Tel Aviv.

Israel approved plans Monday to seize the Gaza Strip and to stay in the Palestinian territory for an unspecified amount of time.

Hamas said it will no longer engage in truce talks amid a catastrophic hunger crisis created by Israel's blockade on all humanitarian and commercial supplies.