OPEC+ increased daily oil output by 411,000 barrels, a smaller hike than anticipated. Despite this, oil prices surged due to renewed geopolitical concerns stemming from the escalating conflict in Ukraine. Experts suggest investors overlooked the ongoing Ukraine war's impact on oil supply. While some believe the market is adjusting to OPEC+'s new strategy and slowing U.S. shale growth, geopolitical instability and potential disruptions to supply remain significant factors influencing oil prices and energy stock performance.

Prepared by Christopher Adams and reviewed by editorial team.