Oil Hovers at 4-Month Low

2026-07-06 11:28 By Agna Gabriel 1 min. read

Crude oil traded below $69 a barrel on Monday, hovering near its lowest levels since late February as maritime flows through the Strait of Hormuz steadily recovered and OPEC+ signaled an increase in global supplies.

OPEC+ members approved a quota increase of 188,000 barrels per day for next month, continuing a progressive unwinding of long-standing production curbs as market conditions normalize.

Major Persian Gulf producers are rapidly accelerating output, with Saudi exports approaching pre-war levels.

Also, the United Arab Emirates, which exited OPEC during the recent regional conflict, has fully restored its shipping flows.

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

Meanwhile, Saudi Arabia reduced the selling price of its main crude grade to Asia, lowering the August premium to a $1.50 per barrel discount to the Oman/Dubai benchmark.



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