Oil prices edge higher despite OPEC+ increasing output by 188,000 barrels per day amid easing Middle East shipping disruptions.
West Texas Intermediate crude trades around $69.00 a barrel, extending a three-day rally during Asian trading on Monday. The gain comes despite OPEC+ approving a production increase of 188,000 barrels per day for next month, led by Saudi Arabia and Russia, signaling confidence in supply stability.
Prices remain near four-month lows as shipping lanes through the Strait of Hormuz normalize after brief disruptions over the weekend. The output hike and stabilizing flows renew concerns over a potential global supply glut, though physical exports from the UAE and Saudi Arabia approach pre-war levels.
Iran has resumed talks with Japanese firms to sell crude under a temporary US sanctions waiver, set to expire August 21. Buyers seek an extended waiver, with purchases potentially marking Japan’s first Iranian oil imports since 2019.