WS #11493
OPEC+ agreed to a 188,000 bpd output increase for August, the fifth consecutive monthly increase, as Strait of Hormuz shipping recovers, pushing Brent to near four-month lows at $71.70 and WTI to $68.38. Iran's Khamenei funeral proceeds without new escalations; US-Iran talks continue; Strait of Hormuz shipping is recovering with 160 vessels in the past week, though the deal is not yet final.
OPEC+ Output Increase & Oil Price Decline
OPEC+ agreed to a 188,000 bpd output increase for August, the fifth consecutive monthly increase, as Strait of Hormuz shipping recovers, pushing Brent to near four-month lows at $71.70 and WTI to $68.38.
Iran's Khamenei funeral proceeds without new escalations; US-Iran talks continue; Strait of Hormuz shipping is recovering with 160 vessels in the past week, though the deal is not yet final.