Hot Commodities: Oil surges 2% on OPEC+ move and war escalation

Oil futures climbed over 2 percent to cross $62 per barrel on Monday, buoyed by OPEC+?s decision to raise output by 411,000 barrels per day in July. The move, aimed at curbing overproduction and regaining market share, comes amid rising geopolitical tensions. On the geopolitical front, Ukraine?s drone strikes on Russian airbases and Russia?s missile retaliation fueled fresh supply concerns, adding to the bullish tone ahead of peace talks in Istanbul later today.

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