OPEC Oil Output Rises in July as Gulf States Restore Operations
Brent crude climbed 1.09% as Iran and the United States remained at odds over conditions for reopening the key shipping route.
- On Monday, August 10, 2026, Brent crude rose 1.09% to $84.46 a barrel and West Texas Intermediate advanced 0.84% to $78.79 as Iran maintained the Strait of Hormuz will remain closed until the United States meets sweeping demands including war compensation.
- Iran's Revolutionary Guards announced on Sunday, August 9, that the strait remains a "theatre of war" until the United States ends its "war and aggression against Iran and its allies in Lebanon, Palestine, Yemen and Iraq," per the Guards' statement.
- Houthi forces claimed a Sunday strike on Saudi Aramco's 400,000-barrel-per-day Jazan refinery, disrupting alternative supply routes in the Red Sea as the United Arab Emirates' ADNOC reported 15 of its vessels attacked transiting the strait since conflict began.
- Iranian Foreign Minister Abbas Araghchi denied on Sunday that Iran negotiates directly with the United States, saying they merely "exchange messages" via intermediaries; Washington insists any reopening must ensure unrestricted navigation without Iranian tolls.
- Saudi Arabia signed a defense pact with Turkiye and Pakistan on Friday, including a NATO-style clause treating any attack on one member as an attack on all, as analysts warn risks remain elevated from Houthi attacks on Saudi-linked shipping.
73 Articles
73 Articles
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Oil prices continue to fluctuate. Uncertainty surrounding the reopening of the Strait of Hormuz is increasing concerns about global oil supply. So, have gasoline and diesel prices increased? What are the current fuel prices?
In July, the Gulf States resumed pumping supplies affected by the war with Iran and the unrest in the Strait of Hormuz, while Iraq recorded the largest increase among Member States, according to a Reuters survey. According to the survey, OPEC ' s production, with the exception of the United Arab Emirates, rose by approximately 1.17 million barrels per day during July, to 19.85 million barrels per day, continuing to recover from the organiza…
Oil accelerates in New York with gains of more than 2% due to the new uncertainties related to the reopening of the Strait of Homuz, from where 20% of the world crude oil passes: the Wti, the American reference, marks a rise of 2.21%, to 79.91 ... (ANSA)
OPEC Oil Output Rises in July as Gulf States Restore Operations
OPEC oil output rose further in July, a Reuters survey found, as Gulf members restored supplies that were shut due to the Iran war and effective closure of the Strait of Hormuz.Output by the 11-member Organization of the Petroleum Exporting…
Due to the war in the Middle East, the oil price has increased again for the week's opening. Fund manager Eckhard Schulte, however, warns in conversation with Dietmar Deffner to serenity: "In recent years, the dependence of the global economy on oil has decreased significantly.
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