Oil prices jumped in early Wednesday trading, driven by strong expectations indicating the OPEC+ alliance will continue production cuts, in addition to increasing demand for fuel with the start of the peak consumption season in the summer.

Brent crude contracts for July delivery rose by 27 cents, equivalent to 0.3%, to reach $84.49% per barrel by 0042 GMT, and US West Texas Intermediate crude contracts for July rose by 35 cents, or 0.4%, to settle at 80.18% per barrel.

With the start of the weekend in the United States, the world's largest oil consumer, which marks the beginning of the peak demand season, production cuts are expected to help support prices as fuel consumption increases.

Additional factors supporting oil prices include the intensification of fighting in the Gaza Strip. Which raises fears that the conflict may spread to other regions in the Middle East.

Investors are also looking forward to US crude inventory data from the American Petroleum Institute.

Initial expectations indicate a decline in crude oil inventories by 1.9 million barrels last week.

On the other hand, markets are closely monitoring US inflation data for April, which is scheduled to be released later this week.

This data may affect expectations of interest rate hikes by the Federal Reserve; Which may cast a shadow on oil prices in general.

Expectations indicate continued support for oil prices in the coming period, driven by production cuts by OPEC+, increased demand during the peak season, and the possibility of escalating tensions in the Middle East.

Analysts expect the OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, to maintain voluntary production cuts totaling about 2.2 million barrels per day.