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

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

OPEC+ oil-producing countries will likely agree a further hike in ‌output targets from September, even though the Iran war is again hindering some of its members from pumping more

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

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+ 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

Oil prices retreated after the latest round of negotiations between the United States and Iran concluded in Switzerland, fueling expectations that additional Iranian crude could eventually return to the international market

A recovery in oil flows through the Strait of Hormuz and oil production following the U.S.-Iran interim peace ​deal will take time, potentially several months, analysts at ‌two banks said