New York, May 05 (QNA) - 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.

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. (QNA)