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Brent nears $97 and WTI tops $94 as Israel-Iran fighting and Lebanon strikes lift crude
Crude prices climbed more than 4% on June 8 as conflict escalated between Israel and Iran and Israel carried out strikes in Lebanon. Brent rose about $4 to around $97 a barrel and WTI gained about $4 to about $94. Reports cited concerns linked to disruptions around the Strait of Hormuz.
Energy & Commodities · 4 hours agoOPEC+ to lift July oil quotas by 188,000 bpd as Hormuz disruptions curb exports
Seven OPEC+ countries agreed on June 7 to raise July production quotas by 188,000 bpd, taking the group’s July quota to 35.83 million bpd, excluding compensation for prior overproduction. The increase applies to Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, with Iraq’s quota up 26,000 bpd, amid disruptions to flows through the Strait of Hormuz.
Geopolitics & Trade · a day agoSt. Petersburg Urged to Stay Indoors as Ukraine Launches Large Drone Attack; Putin Rejects Direct Talks
Authorities in St. Petersburg advised residents to remain indoors after a large Ukrainian drone attack targeted Russia’s second-largest city on Saturday. The incident followed Russian President Vladimir Putin’s rejection on Friday of Ukrainian President Volodymyr Zelenskyy’s proposal for face-to-face talks. Ukraine has intensified long-range strikes on energy and military sites inside Russia.