Rather, it is geopolitical factors—specifically, escalating tensions in the Middle East—that are unsettling markets and pushing prices higher.

Concerns of wider conflict rise, including at G7 summit Iran refuses ceasefire talks amid Israeli attacks, official says Trump vetoes Israeli plan to target Iran’s

Entering the meeting, markets are pricing two interest rate cuts from the Fed in 2025, in line with the central bank's median dot plot projection from March. But since then, there have been significant changes to tariff policy, which will put any updates to the Fed's outlook in particular focus.

Analysts said OPEC might not see any urgency to shift policy, as the surge in prices was driven by a rising risk premium rather than changing market fundamentals.

By Saqib Iqbal Ahmed, Suzanne McGee and Linda Pasquini NEW YORK/GDANSK (Reuters) -Investors were on edge ahead of markets reopening late on Sunday, gripped by anxiety over nationwide protests against President Donald Trump and the escalating threat of a sweeping conflict in the Middle East.