Crude oil traded below $69 a barrel on Monday, hovering near its lowest level since late February, as maritime flows through the Strait of Hormuz continued to recover and OPEC+ signaled rising global supply. The producer alliance approved a quota increase of 188,000 barrels per day for next month, extending the gradual unwinding of long-standing output cuts as market conditions stabilize.
Major Persian Gulf producers are ramping up production quickly. Saudi exports are nearing pre-war volumes as tankers pass through Hormuz with fewer disruptions. The United Arab Emirates—having exited OPEC during the recent regional conflict—has also fully restored its shipping activity.
Tanker movements through the Strait of Hormuz appeared to normalize on Sunday, following a day in which several vessels had executed unexplained U-turns and detours along this critical energy corridor.
