Overview

• Oil prices fell about 1% on Monday, bringing Brent to roughly $67.11 and WTI to $64.58 per barrel.
• Markets have stripped out most of the wartime risk premium after a U.S.-brokered truce between Iran and Israel.
• OPEC+ delegates signaled a further 411,000 barrels per day output boost for August, marking the fifth consecutive monthly increase.
• U.S. operating oil rigs declined by six last week to 432, the lowest level since October 2021, according to Baker Hughes.
• Both Brent and WTI posted their steepest weekly drops since March 2023 yet are set for a second straight month of gains in June.