Another quota increase would show the group is approaching business as usual despite the disruption caused by the Strait of Hormuz closure and the unexpected exit in May of the United Arab Emirates
The world may need to reduce oil and gas consumption if the Strait of Hormuz remains closed much longer due to the U.S.-Israeli war on Iran, Dallas Federal Reserve President Lorie Logan said
Other key points reported by Iran’s IRIB News included the US lifting its naval blockade on Iranian ports and the American navy leaving the waters surrounding Iran
Brent crude rose 2.5% and appeared to stabilize around $100 per barrel, amid stalled negotiations between the United States and Iran
Oil prices fell 4% after U.S. President Donald Trump said that negotiations with Iran were in the final stages, though investors remain wary about the outcome of peace talks as disruption to Middle Eastern supply continues
The volume of oil supply lost because of the war in Iran and the blockade of the Strait of Hormuz has reached 14 million barrels per day, International Energy Agency (IEA) Executive Director Fatih Birol said
The United States reached record oil export levels, surpassing an average of 5 million barrels per day, following the blockade of the Strait of Hormuz, a route previously critical for 20% of global crude flows before traffic was halted by the Iran war
U.S. President Donald Trump said there is a possibility of resuming negotiations with Iran in Pakistan on Friday, after the ceasefire was extended indefinitely
International Energy Agency (IEA) Executive Director Fatih Birol warned that even if the Strait of Hormuz were to reopen immediately, it would take “a long time” to return to normal, with risks of rising inflation and slower economic activity
Iran will never hand over control of the Strait of Hormuz because it is an “inalienable right” of Tehran, said Ebrahim Azizi, a former commander of the Islamic Revolutionary Guard Corps (IRGC) and head of parliament’s National Security and Foreign Policy Committee
