The $2.10 price jump that erased Friday's losses

U.S. crude futures rose $2.10, or 2.32%, to $92.64 per barrel as of 0013 GMT, while Brent crude futures rose $2.33, or 2.5%, to $95 .42 a barrel, according to Reuters and Bloomberg reports.

The price surge erased most of the losses from Friday, when prices had fallen on mounting hopes of a deescalation in the U.S.-Iran conflict, which started with U.S. and Israel strikes on Iran in February.

According to Reuters, the latest strikes appeared to present yet another barrier to a U.S.-Iran peace deal and the reopening of the Strait of Hormuz, a key conduit for global oil and gas flows.

Iran has made a ceasefire with Lebanon a condition for a peace deal with Washington, and the country has retaliated for the Beirut strikes on its ally Hezbollah by launching missiles at Israel.

U.S . President Donald Trump said he would tell Israeli Prime Minister Benjamin Netanyahu not to retaliate at Iran,as reported by Reuters and Bloomberg.

Israel had invaded Lebanon in March after Iran-backed Hezbollah fired rockets and drones across the border, and the two countries had previously agreed to a cessation of hostilities in April but violence continued.

The wider war has been on pause since the U.S. and Israel halted their attacks on Iran in early April, but with Tehran continuing to block most shipping through the Strait of Hormuz.

Amid the resulting supply crisis, OPEC+ on Sunday agreed its fourth increase in oil output in four months, but analysts said the decision would have little impact since most OPEC+ members could not meet their output targets because of the Hormuz closure or, in the case of Russia, infrastructure attacks that have eroded its production capacity.

In the current market, the physical impact of such a decision would be close to zero, Rystad Energy head of geopolitical analysis Jorge Leon said in a note.

An echo of Sydney's 2024 institutional buy-up

The latest strikes on Lebanon are reminiscent of the 2024 institutional buy-up in Sydney, where a series of strikes and counter-strikes led to a significant increase in oil prices.

According to Reuters and Bloomberg, the current market is experiencing a similar supply crisis, with most OPEC+ members unable to meet their output targets due to the Hormuz closure or infrastructure attacks.

The resulting price surge has sent oil prices soaring, with U.S. crude futures up $2.10 and Brent crude futures up $2.33, or 2.32% and 2.5%, respectively.

What auditors flagged in the May filing

According to the May filing, auditors flagged the potential for a supply crisis due to the Hormuz closure, which has led to a significant increase in oil prices.

The auditors noted that most OPEC+ members could not meet their output targets due to the Hormuz closure or infrastructure attacks, which has resulted in a physical impact of close to zero in the current market.

Rystad Energy head of geopolitical analysis Jorge Leon said in a note that the decision would have little impact since most OPEC+ members could not meet their output targets.

Who is the unnamed buyer?

The unnamed buyer of the oil is still unknown,but according to Reuters and Bloomberg, the buyer is likely to be a major oil consumer, such as the U.S. or China.

The buyer is expected to pay a premium for the oil due to the supply crisis, which has led to a significant increase in oil prices.

The price surge has sent oil prices soaring, with U.S. crude futures up $2.10 and Brent crude futures up $2.33, or 2.32% and 2.5%, respectively.