Seven OPEC+ countries will raise oil output targets by 188,000 barrels per day in June, the third consecutive monthly increase, OPEC+ said in a statement.
Oil prices extended their rally on Friday as geopolitical tensions around Strait of Hormuz remained unresolved, with both Iran and the United States showing no signs of de-escalation.
Oil prices rose on Thursday after Iran’s Islamic Revolutionary Guard Corps claimed that shipping through the Strait of Hormuz was stopped following what it said was an Israeli ceasefire violation in Lebanon.
Oil prices climbed on Monday as markets reacted to US President Donald Trump's threat of further action against Iran and set a Tuesday evening deadline linked to the reopening of the Strait of Hormuz.
Oil prices could rise to $120–$130 a barrel in the near term, with a risk of climbing above $150 if supply flows through the Strait of Hormuz remain disrupted into mid-May, according to a JP Morgan note cited by Reuters.
Global oil prices climbed further on Monday, underscoring mounting concern over the energy crisis triggered by the US-Iran conflict and shipping disruptions in the Strait of Hormuz.
Oil prices surged past the $105 threshold on Friday as an escalating maritime standoff between Iran and the United States in the Strait of Hormuz rattled global energy markets.
The US nearly became a net crude exporter for the first time since World War Two, as exports surged toward record levels to meet rising demand from Asia and Europe replacing disrupted Middle East supplies.
Oil prices fell below $100 a barrel this morning (April 14) over signs of new US-Iran dialogue to end their war. Brent crude was at $97.8 in early trade, while US WTI crude was at $96.83.
Kuwait has raised the official selling price for Kuwait Export Crude to Asia in May to $17 a barrel above the average of Oman/Dubai quotes, a price document reviewed by Reuters showed.
