The U.S. oil benchmark hovered around $71 per barrel on June 16—about where it started the year—but up roughly 9% from a week prior. The current price tag is considered a relatively healthy value—profitable for most oil producers without creating particularly high fuel prices.

U.S. consumer prices rose slightly in May as gasoline prices remained subdued, but inflation is likely to pick up in the months as tariffs boost the cost of imported goods.

Oil prices jumped in early Asian trade on Monday after Israel and Iran launched fresh attacks on Sunday, heightening fears that escalating battle could trigger a broader regional conflict and widely d...