7 OPEC+ countries agree to expand monthly oil production modestly as prices slide

Seven OPEC+ countries agreed to expand oil production by 188,000 barrels per day in August, following a US-Iran interim deal that reopened the Strait of Hormuz to shipping, though vessel traffic remains below pre-war levels and Iran has warned tankers to use approved routes or face a 'forceful response.' Tensions over the strait persist, with full Gulf oil production recovery not expected until at least Q1 2027.