Commodities

Opec-Plus Output Bounce Fades Amid US-Iran Tensions

Guavy AI Editorial Team Published August 18, 2026

Instruments

Oil

Opec-plus crude oil production rose for the second consecutive month in July, but still trailed prewar levels by about 13%.

August output appears to be heading back towards May lows due to hardened stances from the US and Iran, as well as the near-closure of the Bab al-Mandeb strait.

The strait's closure has exacerbated the supply crunch, making it unlikely for Opec-plus production to reach its target through the end of 2026.

The Wire

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