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.

OPEC raised oil production last month as the group began a series of accelerated increases spurred by Saudi Arabia, according to a Bloomberg survey.

Saudi Arabia and Russia had to reach a difficult compromise on OPEC+ policies on Saturday as Riyadh pushed to accelerate oil output increases while Moscow argued for a pause, four OPEC+ sources with knowledge of the talks said.