US EditionOil Prices Slip on Easing Middle East Risks
UNITED STATES, JUN 30 – Oil prices fell 1% due to a tentative Israel-Iran truce and a planned 411,000 barrel-per-day OPEC+ supply increase for August, with U.S. gasoline at a four-year low, GasBuddy said.
- Oil prices fell about 1% on Monday due to easing Middle East risks and prospects of an OPEC+ supply increase in August.
- OPEC+ plans a 411,000 bpd August output increase after de-escalation of Middle East tensions and upcoming July 6 meeting, easing shipping disruption fears.
- U.S. WTI fell 62 cents to $64.90 per barrel, with UBS and StoneX analysts citing persistent market tightness and a bearish demand outlook as factors.
- U.S. gasoline prices dropped to $3.14 per gallon, their lowest Independence Day level in four years, with further declines forecasted, according to GasBuddy.
- OPEC+ plans to meet on July 6 to consider a further output increase, with summer travel demand serving as a key test of market balance.
30 Articles
30 Articles
Gas prices decline as global tensions cool
INDIANAPOLIS — Though recent events have caused some turmoil and volatility in energy markets, gas prices have returned to their steady decline, thanks to cooling Middle East geopolitical tensions and increased oil production from OPEC in recent months, according to…
Oil firms lower pump prices
(UPDATE) AFTER three consecutive weeks of increases, the price of fuel went down on July 1 following the de-escalation of tensions between Israel and Iran.The biggest price cut will be for kerosene, which will have a price drop of P2.20.The cost of gasoline will go down by P1.40, and diesel by P1.80.In a related development, the Department of Energy (DOE) announced fuel price discounts for drivers of Public Utility Vehicles (PUVs), Transport Net…
Gas Prices Fall to $3.14 Ahead of July 4 as Middle East Risks Recede
U.S. gas prices have dropped to their lowest Independence Day level in four years, with the national average now at $3.14 per gallon, according to GasBuddy. The dip is driven by a retreat in Middle East tensions and consistent supply from both U.S. shale producers and OPEC+ exporters. Brent crude futures have fallen steadily over the past two weeks, dropping from over $75 per barrel to just under $68 as of Monday. The de-escalation between Israe…
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