7 OPEC+ countries agree to expand monthly oil production modestly as prices slide

Seven OPEC+ countries, including Saudi Arabia, Russia, and Iraq, agreed to increase oil production by 188,000 barrels per day in August to address falling prices. The decision follows a U.S.-Iran interim deal that eased tensions over the Strait of Hormuz but has not fully restored pre-war shipping levels, with oil prices now near $72 per barrel.