Oil Jumps as Traders Buy the Dip ...Middle East

WTI surged more than 4% on the day, trading above $59, while Brent gained 3.7%, reaching well above $62. The bounce comes after a bruising April that saw prices crater under the weight of U.S. tariffs and OPEC+ confusion. OPEC’s weekend move to raise quotas—reportedly by triple what most expected—initially sent prices tumbling. But the fine print matters. Chronic overproducers like Iraq and Nigeria are already pumping over quota, so the new targets mostly legalize the status quo. Actual production isn’t…

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