WTI crude oil futures rose 2% toward $62 per barrel on Monday, following OPEC+'s decision to increase output in July, in line with market expectations. The group agreed on Saturday to add 411,000 barrels a day of supply, the third straight month of increase by the same amount, reinforcing a major strategic shift that has sent crude prices sinking. This move is perceived as a measure to discipline countries that have been overproducing, such as Iraq and Kazakhstan, while allowing oil producers like Saudi Arabia and Russia to win back market shares. Geopolitical risks also continue to provide bullish support to oil prices. Ukraine launched drone attacks on four military airports inside Russia, destroying over 40 warplanes, while Russia pounded Ukraine with missiles and drones. All this comes as the two sides prepare to meet in Istanbul for a second round of peace talks later today.