OPEC+ Agrees to Boost Oil Production Amid Middle East Tensions Ease

Oil prices declined on Monday as the Middle East conflict eased and OPEC+ agreed to boost production by 188,000 barrels per day.

The price for a barrel of Brent crude oil for October delivery dropped 5.16% to $83.39 a barrel, while US crude, or WTI, futures for September delivery declined nearly 6% to $79.66 per barrel.

This downward pressure came after US President Donald Trump said fresh talks with Iran would begin later in the day, easing concerns over potential supply disruptions.

Rystad Energy's Jorge Leon warned that the decision 'changes little in the near term' because the Strait of Hormuz remains constrained, and the real market impact will come when normal export flows resume.