Oil Jumps 2% on Saudi Attacks, Hormuz Tanker Strikes; OPEC Sees Demand Rebound

Fresh attacks on Saudi Arabia and oil tankers near the Strait of Hormuz have re-centered Middle East supply risks, pushing WTI above $93 and Brent above $106. The price move overrides bearish signals from announced Russian diesel supplies and a Russia-Ukraine energy ceasefire, indicating the market is pricing a tangible supply threat. OPEC's demand rebound outlook adds a bullish demand-side narrative, but the immediate driver is geopolitical risk in the Gulf.