The US and Iran traded strikes on oil tankers over the weekend, intensifying pressure on energy flows through the Strait of Hormuz.
As Washington steps up its campaign to obstruct Tehran’s oil exports, the US struck Iranian tankers Saturday, with Iran hitting back by targeting US-linked vessels and three oil tankers.
OPEC+ kept its oil production quotas unchanged for October on Sunday, pausing months of nominal increases amid mounting threats to energy shipments.
A Rystad Energy analyst told Reuters that the group’s ability to influence prices is constrained by the limited number of barrels that can physically reach the market, while the “focus now shifts away from monthly production adjustments and towards the much more consequential debate over 2027” output baselines.