Brief by Shorts91 Newsdesk / 12:42pm on 06 Jul 2026,Monday International
Global oil prices fell on Monday after OPEC+ agreed to increase crude production from August. Brent crude dropped to around $71.55 a barrel, while US WTI crude slipped below $69. The group plans to raise output by 188,000 barrels per day as it continues to roll back earlier supply cuts. Oil prices also eased as exports through the Strait of Hormuz recovered after tensions between the United States and Iran declined. Saudi Arabia and the United Arab Emirates have restored exports to near-normal levels. Higher global supplies are expected to improve availability and increase competition among major oil producers. (PC: Freepik)
