Global oil prices rallied hard on Monday, lifting U.S. crude to the highest levels in two weeks, as investors shrugged off a planned supply increase from the OPEC+ cartel and focused on geopolitical news that could pressure energy markets over the coming months.

Saudi Arabia's past oil price wars in 2014–2016 and 2020 backfired, as U.S. shale producers became leaner and more efficient.

Oil prices rebounded more than $1 a barrel on Monday after producer group OPEC+ decided to increase output in July by the same amount as it did in each of the prior two months, which came as a relief to those who expected a bigger increase.