Crude oil and gasoline prices surged sharply on Monday due to the US and Israel's joint attacks on Iran. The main bullish factor for crude prices is the war in Iran, which has largely halted tanker traffic through the Strait of Hormuz. Crude prices fell from their best levels after the dollar index rallied to a 5-week high and OPEC+ increased its crude production levels. OPEC+ announced it will boost its crude output by 206,000 bpd in April, above estimates of 137,000bpd. The increase in crude exports from Venezuela is also contributing to global oil supplies. The most recent US-brokered meeting to end the war between Russia and Ukraine ended early as Ukrainian President Zelenskiy accused Russia of dragging out the war. The outlook for the Russia-Ukraine war is also positive for oil prices.