Oil prices fell after OPEC+ decided to increase production targets starting in August. The move comes amid signs of recovering exports from key producers through the Strait of Hormuz.
Oil prices dipped following the decision by OPEC+ to boost output from August. Key producers have reported recovering exports via the Strait of Hormuz.
The planned increase could still face limits from ongoing geopolitical tensions. Gulf oil exports are reviving yet remain below pre-conflict levels.
Russia's crude shipments rose sharply because of damage at refineries.
