The rising tensions in the Middle East caused international crude oil prices to climb on May 28. Israel's military tanks advanced into the center of Rafah, a city in the southern Gaza Strip, and a merchant ship was attacked in the Red Sea.

Besides, the market expects that OPEC+ will maintain crude oil production cuts at its meeting on June 2. The start of the US summer driving season and a weaker US dollar have boosted crude oil prices.

West Texas Intermediate (WTI) crude for July delivery increased by US$2.11, reaching US$79.83/barrel on the New York Mercantile Exchange. Brent crude for July delivery rose by US$1.12, settling at US$84.22/barrel.