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

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

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

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

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

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