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Oil Prices Fall as Strait of Hormuz Resumes Operations, OPEC+ Increases Production by 188K Barrels Daily

GateNews
Commodities
According to Yonhap Infomax, crude oil prices declined on July 6 as shipping operations resumed through the Strait of Hormuz and OPEC+ announced a production increase starting in August. August WTI fell 0.39% to $68.42 per barrel, while September Brent crude declined 0.55% to $71.72 per barrel as of 10:16 a.m. local time. Ship-tracking data from Kpler showed that after at least eight vessels diverted or turned back through the strait on July 3-4, oil and liquefied natural gas tankers resumed operations on July 5, normalizing maritime logistics. OPEC+ decided to increase daily crude oil production by 188,000 barrels beginning in August, with major Persian Gulf producers including Saudi Arabia and the UAE expanding output rapidly.
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