Oil Holds Decline on Supply Glut Worries

2026-07-05 23:35 By Jam Kaimo Samonte 1 min. read

Crude oil traded below $69 per barrel on Monday, hovering near its lowest levels since late February as recovering energy flows through the Strait of Hormuz and expectations of higher OPEC+ output fueled concerns over a potential supply glut.

OPEC+ members approved another modest increase in collective production quotas for next month, with seven countries led by Saudi Arabia and Russia agreeing to raise output by 188,000 barrels per day.

The decision reflects the group’s confidence in boosting production as conditions across the Middle East continue to stabilize.

Major Persian Gulf producers have also been increasing supply, with Saudi Arabia’s exports climbing close to pre-war levels, while the UAE, which left OPEC during the conflict, has likewise restored shipments.

Meanwhile, oil and gas tanker traffic through the Strait of Hormuz showed signs of normalizing on Sunday, a day after several vessels made unexplained U-turns and detours along the critical energy route.



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Oil Holds Decline on Supply Glut Worries
Crude oil traded below $69 per barrel on Monday, hovering near its lowest levels since late February as recovering energy flows through the Strait of Hormuz and expectations of higher OPEC+ output fueled concerns over a potential supply glut. OPEC+ members approved another modest increase in collective production quotas for next month, with seven countries led by Saudi Arabia and Russia agreeing to raise output by 188,000 barrels per day. The decision reflects the group’s confidence in boosting production as conditions across the Middle East continue to stabilize. Major Persian Gulf producers have also been increasing supply, with Saudi Arabia’s exports climbing close to pre-war levels, while the UAE, which left OPEC during the conflict, has likewise restored shipments. Meanwhile, oil and gas tanker traffic through the Strait of Hormuz showed signs of normalizing on Sunday, a day after several vessels made unexplained U-turns and detours along the critical energy route.
2026-07-05
Oil Hovers Near Pre-War Levels
Crude oil held steady around $69 per barrel on Friday, hovering near levels last seen before the Middle East conflict erupted in late February as commercial shipping through the Strait of Hormuz continued to recover amid progress in US-Iran talks. Saudi Arabia’s crude exports have rebounded to about 90% of their pre-war levels as more tankers successfully transit the key waterway, signaling that regional oil supply is gradually normalizing. The UAE has also restored its oil exports to pre-war levels by routing tankers through the Strait of Hormuz without drawing attention and relying on a pipeline that bypasses the chokepoint. Meanwhile, President Donald Trump said negotiations with Iran were progressing well after mediators from Qatar and Pakistan held separate meetings with US and Iranian officials in Doha on Wednesday.
2026-07-02
Oil Holds Near Pre-War Levels
Crude oil prices were trading near $68.5 on Thursday, recovering from a 2% decline earlier in the session as traders sought to secure supplies ahead of the extended U.S. Independence Day weekend. Still, prices remained at their lowest level since February 27, as shipping activity through the Strait of Hormuz continued to recover steadily and investors remained hopeful that a permanent peace deal between the U.S. and Iran could be reached. The United Arab Emirates restored its exports to more than 3.9 million barrels per day, while Saudi Arabia ramped up oil exports to Asia, bringing total daily flows through the Strait of Hormuz above 10 million barrels. Meanwhile, President Donald Trump said U.S.-Iran negotiations were progressing well after mediators from Qatar and Pakistan concluded separate meetings with U.S. and Iranian negotiators in Doha on Wednesday.
2026-07-02