Oil prices increased nearly 3% as OPEC+ decided to maintain its output plans, with Brent crude futures settling at $64.63 per barrel. The rise was primarily driven by supply concerns stemming from wildfires in Alberta, Canada, which have disrupted about 7% of the country's crude oil output. The decision by OPEC+ to raise production by 411,000 barrels per day in July was anticipated, but traders had expected a larger increase, leading to a market reaction that favored higher prices.

The geopolitical landscape also contributed to the price surge, with increased risks following Ukrainian drone strikes against Russia. Additionally, a weaker U.S. dollar made oil cheaper for foreign buyers, further supporting price gains. Analysts from Goldman Sachs and Morgan Stanley predict continued production increases, suggesting that the market fundamentals remain tight despite the anticipated demand slowdown.