OPEC+ Approves 188,000 Barrels Per Day Oil Production Hike for June Despite Strait of Hormuz Closure

Com reported. The decision came during the group's meeting on Sunday, the first since the United Arab Emirates exited OPEC+ last week. The production increase's effects are constrained by the ongoing closure of the Strait of Hormuz, a key chokepoint in global oil transit.

U.S. West Texas Intermediate crude prices edged lower to around $101 per barrel. U.S.

Will begin freeing ships stranded in the Strait of Hormuz on Monday. -Israeli war on Iran, which started in late February. U.S. response to its 14-point peace offer hours earlier on Sunday.

Iranian state media quoted Foreign Ministry Esmaeil Baghaei as saying that nuclear talks are off the table until a ceasefire is reached and blockades in the vital energy artery are lifted on both sides. U.S.

2 million barrels per day in April, up more than 30% from February, according to Kpler. Treasury Secretary Scott Bessent stated that energy prices, which have surged since the war started in late February, are likely to ease later this year. U.S. Treasury Secretary Scott Bessent predicted lower oil prices post-conflict during an appearance on Fox Business, while noting current surges since the war began.

U.S. imposed sanctions on five Chinese refiners over alleged purchases of Iranian oil, amid escalating trade tensions with Beijing. U.S. delegation led by Republican Senator Steve Daines was scheduled to visit China last week, with planned stops in Beijing and Shanghai.

Finance ministers from China, Japan, South Korea, and ASEAN held talks on the sidelines of the Asian Development Bank's annual meeting in Samarkand, Uzbekistan. The finance ministers stated they are closely monitoring markets and stand ready to respond to volatility if needed.