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International benchmarks for crude oil rose more than 2% on Monday, 10 June, recouping all of the losses in the previous weeks as traders decided to buy back the commodity on bullish near-term demand expectations.

The market is waiting for the monthly report from the International Energy Agency (IEA) and OPEC+ that will shed light on the demand outlook. Optimism over the summer driving season demand fuels the latest hikes.

On the downside, investors started to dial back expectations for rate cuts from the FED with analysts gauging less than 50% of a reduction in September.

Brent surged $2.01 or 2.5% to close at $81.63/barrel.

WTI jumped $2.21 or 2.9% to settle at $77.74/barrel.