Doha: Oil prices surged about 6 percent on Monday, driven by escalating tensions in the Middle East. Brent crude futures rose by $6.27, or 5.8 percent, to settle at $114.44 a barrel. U.S. West Texas Intermediate crude gained $4.48, or 4.4 percent, to settle at $106.42 a barrel. According to Qatar News Agency, the OPEC+ alliance, which includes OPEC and its partners, announced on Sunday that it would raise oil production targets by 188,000 barrels per day in June for seven members, marking the third consecutive monthly increase. This decision comes amid ongoing geopolitical tensions, which have been a significant factor in the recent volatility of oil prices. The increase in oil production targets by OPEC+ is seen as a move to stabilize the market and provide a buffer against disruptions that may arise from regional conflicts. The alliance's decision reflects a cautious approach to balancing supply and demand dynamics while addressing the concerns of major oil-consuming nations. Market analysts are closely monitoring developments in the Middle East, as any further escalation could lead to additional fluctuations in oil prices. The current situation underscores the interconnectedness of geopolitical events and global energy markets, highlighting the importance of strategic decisions by major oil producers in maintaining market stability. The recent price movements also have implications for global economies, with rising oil prices potentially impacting inflation rates and economic growth. Policymakers are likely to be vigilant in assessing the broader economic effects of these developments, as energy costs play a crucial role in shaping economic policies and consumer behavior.