
OPEC+ weighs more barrels Sunday as oil sinks to three-month lows
Seven OPEC+ nations meet Sunday to set output as the war premium drains and crude slides to a three-month low near $68. Do they add more barrels or pause?
Day-by-day tracking of the war and its impact on oil prices

Seven OPEC+ nations meet Sunday to set output as the war premium drains and crude slides to a three-month low near $68. Do they add more barrels or pause?

Crude has fallen about a quarter this month, but US natural gas is climbing near $3.33 as record LNG exports and summer heat outweigh brimming domestic storage.

A US Treasury license lets Iran sell crude again for 60 days. WTI fell near $71 and Brent below $75, their lowest in nearly three months, as sidelined barrels return.

The Strait of Hormuz is open again, but war-risk insurance near 5% of a tanker's value is keeping crude in the mid-$70s. Underwriters want months of calm first.

Qatar shut the world's biggest LNG plant when the war began. As Hormuz reopens Friday, QatarEnergy expects to reach half its capacity within a month.

The US naval blockade lifts when the Iran deal is signed Friday in Geneva, but 500 waiting tankers, mined waters and depleted Gulf inventories will slow the restart.

WTI fell 4.4% to $81.33 and Brent dropped to $83.63 after the US and Iran reached an initial deal to extend the ceasefire and reopen the Strait of Hormuz.

Crude gets the headlines, but refiners are earning double their usual margin as diesel and jet fuel, not gasoline, take the brunt of the Hormuz shock.

WTI jumped 4.4% to $94.69 and Brent rose to $97.64 as renewed Iranian strikes on Kuwait revived Hormuz supply fears, reversing last week's peace-driven dip.