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

OPEC+ said that seven of its key members agreed to raise oil production by 188,000 barrels per day (bpd) in September as part of ongoing efforts to support market stability

Brazil’s state-run oil company Petrobras reported average oil and natural gas output of 3.281 million barrels of oil equivalent per day (boed) in the first half of the year, up 15.1% from the same period in 2025

Saudi Arabia’s oil exports are becoming increasingly dependent on the Suez Canal as attacks in the Red Sea threaten a key alternative to the blocked Strait of Hormuz

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

During the second quarter, GeoPark drilled and completed six wells in the Llanos 34 and Llanos 123 blocks in Colombia, and drilled five wells in Vaca Muerta, which were undergoing hydraulic fracturing at the end of the quarter. The company operated a total of eight rigs, including four drilling rigs and four workover rigs

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