Crude oil prices rose by over 1% on Tuesday as optimism about ending the war between Israel and Hamas in Gaza vanished after Hamas rejected Israel's ceasefire proposal, claiming that it is ready to release all the hostages if Israel ends the war and withdraws all its troops from the Strip. Meanwhile, Israel's Prime Minister Benjamin Netanyahu vowed not to "capitulate" to the militant group's demands.

Additionally, OPEC+ revealed that its production in March decreased by 37,000 bpd to 41.02 million bpd in March, while OPEC revised down its global oil demand growth forecast for 2025.

West Texas Intermediate (WTI) for June's settlements rose by 1.38% at 4:40 am ET to sell for $63.27 per barrel. A minute later, Brent for June's deliveries climbed by 1.21% to go for $67.05 per barrel.