Oil prices fall over OPEC+ supply

Oil prices fell on Monday, June 30, 2025, as an easing of geopolitical risks in the Middle East and the prospect of another OPEC+ output hike in August improved supply expectations.

Brent crude futures fell 13 cents, or 0.19%, to $67.64 a barrel by 0344 GMT, ahead of the August contract’s expiry later on Monday. The more active September contract was at $66.62, down 18 cents.

U.S. West Texas Intermediate crude dropped 32 cents, or 0.49%, to $65.2 a barrel.

Last week, both benchmarks posted their biggest weekly decline since March 2023, but they are set to finish higher in June with a second consecutive monthly gain of more than 5%.

A 12-day war that started with Israel targeting Iran’s nuclear facilities on June 13 pushed up Brent prices, which surged above $80 a barrel after the United States bombed Iran’s nuclear facilities and then slumped to $67 after U.S. President Donald Trump announced an Iran-Israel ceasefire.

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The market has stripped out most of the geopolitical risk premium built into the price following the Iran-Israel ceasefire, IG markets analyst Tony Sycamore said in a note.

Further weighing on the market, four delegates from OPEC+, which includes allies of the Organization of the Petroleum Exporting Countries, said the group was set to boost production by 411,000 barrels per day in August, following similar-sized output increases for May, June, and July.

OPEC+ is set to meet on July 6, and this would be the fifth monthly increase since the group started unwinding production cuts in April, Reuters reported.

However, bearish pressure from concerns over slower global oil demand, particularly from China, is likely to persist.

The Star