Driven by rising demand in Europe and China, declining US crude production, escalating Middle East tensions, and buying activity following crude oil prices hitting a four-year low the previous day, international crude oil prices surged over 3% on May 6.

West Texas Intermediate (WTI) crude for the June delivery increased by US$1.96 (3.4%), reaching US$59.09/barrel on the New York Mercantile Exchange. Brent crude for the July delivery rose by US$1.92 (3.2%), settling at US$62.15/barrel.