WTI crude oil futures slipped to $91 per barrel after briefly touching $95 earlier on Monday, following Iran’s announcement that it had concluded its military operations against Israel. US President Trump said that both countries were close to a new ceasefire and noted progress in talks between Washington and Tehran, easing worries that further escalation could disrupt negotiations aimed at gradually restoring oil exports through the Persian Gulf. Israel also signaled that it would hold fire for now, after the weekend’s exchange of strikes with Iran—an episode that had broken their ceasefire and driven oil futures sharply higher in Asian trading.
Separately, OPEC+ approved a further increase in July oil production quotas of 188,000 barrels per day, despite ongoing supply risks tied to Middle East tensions. Additional data showing a sharp pullback in Chinese imports also tempered supply concerns, as Asia’s largest oil consumer has been drawing down inventories rather than relying on foreign purchases since the conflict began.
