On Monday, oil prices surged due to heightened tensions in the Middle East following Iran's missile strikes on Israel. Brent crude futures for July rose by 2.42% to reach $92.73 per barrel, while U.S. West Texas Intermediate futures for August increased by 2.44% to $95.36 per barrel. This marks a significant escalation as it is the first time Israel has been targeted by Iranian missiles since the ceasefire began. President Donald Trump was briefed on the situation and indicated that the missile attacks would hinder ongoing negotiations with Iran, stating that a deal is now 'no longer feasible.' An Iranian official confirmed this sentiment, emphasizing that the U.S. naval blockade and military actions in Lebanon have turned U.S. bases and assets into 'legitimate targets.' Meanwhile, OPEC+ announced an increase in oil output targets by 188,000 barrels per day from July, continuing the trend of output hikes since the closure of the Strait of Hormuz. This decision follows a reduction in output increases earlier this year due to the UAE's exit from the organization.