Global oil prices rallied hard on Monday, lifting U.S. crude to the highest levels in two weeks, as investors shrugged off a planned supply increase from the OPEC+ cartel and focused on geopolitical news that could pressure energy markets over the coming months.

Saudi Arabia and the United Arab Emirates see a chance to ratchet up production in July, the third consecutive month of accelerated increases.

"Michigan drivers are seeing lower prices at the pump, with some metro areas seeing averages below $3 a gallon," Adrienne Woodland, a AAA auto club spokeswoman said. "If demand drops, alongside low crude oil prices, pump prices may continue to fall."