OPEC’s crude oil production tumbled in August, snapping a two-month recovery, as output from group leader Saudi Arabia was curbed by threats to both of its export routes

Goldman Sachs said oil prices may rally to as much ​as $120 a barrel if attacks on shipping in the Middle East rise, and it recommended bets on natural gas and diesel as a way to capture gains

U.S. President Donald Trump said that oil ​from a recently struck deal with Venezuela ‌will be used to replenish the Strategic Petroleum Reserve, which has been drawn down sharply in recent ​years to respond to global supply ​disruptions

Venezuela is considering withdrawing from the Organization of the Petroleum Exporting Countries (OPEC), a move that could further weaken the oil group’s influence over global crude markets

Oil prices rose to their highest levels in three weeks as uncertainty over shipping through the Strait of Hormuz and ongoing supply disruptions supported the market

Global oil supply will fall by 4.3 million barrels per day, ‌or around 4%, this year, the International Energy Agency said, as renewed hostilities in the Middle East disrupt supplies and plunge the world deeper into an oil-market deficit

OPEC oil ​output rose further in July, a Reuters survey ‌found, as Gulf members restored supplies that were shut due to the Iran war and effective closure of the Strait of Hormuz

Oil prices edged lower as investors assessed signs that the Gulf states and Iran are moving closer to an agreement to reopen the Strait of Hormuz under a temporary arrangement designed to pave the way for broader negotiations aimed at ending the regional conflict

Russia slightly increased crude and condensate output in July from June by around 100,000 barrels per day (bpd) to above 9 million bpd, supported by ​strong oil exports and a recovery in refinery throughput

Goldman Sachs expects Brent crude to trade in an $80–90 per barrel range until either a new agreement is reached between the United States and Iran or the conflict in the region escalates significantly through broader attacks or new targets