Overview

• OPEC+ delegates told Reuters they plan a fourth straight 411,000 barrels-per-day output increase in August to restore market share after two years of cuts.
• Brent crude futures held near $69 per barrel and West Texas Intermediate traded around $67 as traders weighed incoming supply gains against demand indicators.
• Washington imposed fresh sanctions on an Iranian oil-smuggling network and a Hezbollah-affiliated bank, while also planning to resume nuclear talks with Tehran via an envoy meeting in Oslo next week.
• U.S. firms added 147,000 jobs in June and the unemployment rate unexpectedly fell to 4.1%, bolstering demand forecasts just days before a 90-day tariff pause ends on July 9.
• A wildfire near Fort McMurray underscored vulnerabilities in Canadian oil sands output during the peak of wildfire season.