The International Energy Agency (IEA) said it is closely monitoring oil markets as rising tensions in the Middle East fuel concerns over energy supply security

Gulf countries boosted crude oil and condensate exports in the first half ‌of July to the highest levels since before the Iran war began in late February, shipping data showed, although flows through the Strait of Hormuz are now slowing as fighting escalates

Brent crude, the European benchmark, rose 3.9% to $87.5 per barrel for September delivery as the conflict in the Middle East intensified

TotalEnergies said its hydrocarbon production is expected to reach nearly 2.4 million barrels of oil equivalent per day (mboe/d) in the second quarter of 2026

Goldman Sachs strategists say the physical oil market is tightening as renewed attacks on tankers in the Strait of Hormuz reverse an earlier recovery in Persian Gulf exports

OPEC lowered its forecast for world oil demand growth in 2026 to 780,000 barrels per day, a copy ​of its monthly report showed, marking the third straight downward revision

The U.S. Energy Information Administration raised its global oil production forecast after the reopening of the Strait of Hormuz following a June 18 agreement between the United States and Iran

OPEC+ oil-producing ​countries will likely agree on a further hike in their output targets from August when they ‌meet on Sunday, adding to supply at a time of falling prices as the Strait of Hormuz gradually reopens

es walk away less than two months ago.

Iraq is the group’s second-largest producer after Saudi Arabia and one of its five founding members. OPEC was formed in the Iraqi capital in 1960

J.P. Morgan reduced its price outlook for Brent crude oil in the second half of 2026, citing weaker commercial inventory withdrawals and softer oil demand than previously anticipated