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

Oil prices appear to have settled into a ​range of $72 to $75 a barrel, although the market has yet ‌to fully normalize and the conflict in the Middle East continues to create uncertainty, the chief executive officer of Brazil’s state-run oil firm Petrobras

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

The US and Iran moved closer to an interim peace agreement meant to reopen the Strait of Hormuz and help end a war that has damaged the global economy and caused chaos in the Middle East

The current forecast reduced the expected oil ​demand growth this year from 1.17 million barrels per day as previously seen. For 2027, ​OPEC expects oil demand to rise by 1.73 million bpd,

OPEC crude oil production fell in May to its lowest level in at least 37 years, as the U.S. blockade on Iran and ongoing disruptions in the Persian Gulf continued to constrain output

OPEC expects robust oil demand growth and ​is not changing its estimates, ‌Secretary General Haitham Al Ghais said, despite the ​Middle East conflict and closure of ⁠the Strait of Hormuz

Brent crude rose 2.5% and appeared to stabilize around $100 per barrel, amid stalled negotiations between the United States and Iran