WS #11438
OPEC+ confirms 188,000 bpd production increase for August; Gulf exports rebound sharply in June as Strait of Hormuz reopens, pushing Brent crude back to ~$72/bbl, erasing war premium. Iran announces plans to charge service fees for ships transiting Strait of Hormuz after 60-day interim deal expires, potentially reintroducing friction. US Strategic Petroleum Reserve crude stockpiles plunge 5.5M barrels to 325.7M, lowest since 1983, signaling reduced emergency buffer.
OPEC+ production increase and oil price normalization
OPEC+ confirms 188,000 bpd production increase for August; Gulf exports rebound sharply in June as Strait of Hormuz reopens, pushing Brent crude back to ~$72/bbl, erasing war premium.
Iran announces plans to charge service fees for ships transiting Strait of Hormuz after 60-day interim deal expires, potentially reintroducing friction.
US Strategic Petroleum Reserve crude stockpiles plunge 5.5M barrels to 325.7M, lowest since 1983, signaling reduced emergency buffer.