Alberta: Oil prices jumped 3% on Tuesday due to wildfires raging in Canada’s oil-producing province of Alberta, despite the OPEC+ alliance’s adherence to plans to increase production. Brent crude futures rose $1.85, or 2.95%, to settle at $64.63 a barrel, while US West Texas Intermediate crude settled at $1.73, or 2.85%, at $62.52.

According to National Iraqi News Agency, prices were also supported by a weaker dollar, amid concerns that looming US tariffs could hurt growth and stoke inflation. The OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and other allies, most notably Russia, decided last Saturday to increase production by 411,000 barrels per day in July, marking the third consecutive month of such an increase.