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OPEC+ Output Rise Triggers Gas Price Dip, Trump Lifts Blockade

7/6/2026

Summary

OPEC+ Raises Output

OPEC+ will raise output by 188,000 barrels per day next month, sending U.S. oil prices toward pre-Iran conflict levels.
Former White House economic adviser Steve Moore said gasoline prices could fall before the July 4 weekend.
The U.S. Strategic Petroleum Reserve fell to 340.3 million barrels, the lowest since 1883.
President Donald Trump posted on TRUTH Social that he authorizes a toll-free Strait of Hormuz and removal of the U.S. naval blockade.

Summary

Saudi Cuts Price

Saudi Arabia cut Arab Light’s price by $1.50 per barrel, while United Arab Emirates raised output to 3.8 million barrels per day after leaving OPEC.
Russian oil shipments set a record as Ukrainian drone attacks damaged refineries, prompting higher exports.
Ukraine’s military reported strikes on Russia’s refinery in Omsk and on facilities in Yaroslavl and Leningrad regions, while Maersk and Hapag-Lloyd will resume Suez Canal sailings, cutting voyages by four weeks.

Summary

US-Iran Accord

The United States and Iran signed an agreement on June 17, leading to more ships moving through the Strait of Hormuz and ending the four-month closure.
After United Arab Emirates quit OPEC in late April over a dispute with Saudi Arabia about production levels, OPEC+ members for August include Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.
Brent fell to about $72 a barrel on Friday after earlier peaks of $118.

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OPEC+ Raises Output

OPEC+ will raise output by 188,000 barrels per day next month, sending U.S. oil prices toward pre-Iran conflict levels.
Former White House economic adviser Steve Moore said gasoline prices could fall before the July 4 weekend.
The U.S. Strategic Petroleum Reserve fell to 340.3 million barrels, the lowest since 1883.
President Donald Trump posted on TRUTH Social that he authorizes a toll-free Strait of Hormuz and removal of the U.S. naval blockade.

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