OPEC crude oil production fell in May to its lowest level in at least 37 years, as the U.S. blockade on Iran and ongoing disruptions in the Persian Gulf continued to constrain output

Companies that borrowed oil from the reserve in recent months will return the crude with premiums after the conflict concludes, Energy Secretary Chris Wright said

OPEC expects robust oil demand growth and ​is not changing its estimates, ‌Secretary General Haitham Al Ghais said, despite the ​Middle East conflict and closure of ⁠the Strait of Hormuz

Global oil inventories could fall to critically or historically low levels just before peak summer demand if the current pace of drawdowns continues, according to Thoril Bosoni, Head of the Oil Industry and Markets Division at the International Energy Agency (IEA)

Another quota increase would show the group is approaching business as usual ​despite the disruption caused by the Strait of Hormuz closure and the unexpected exit in ​May of the United Arab Emirates

The world may need to reduce oil and gas consumption if the Strait of Hormuz remains closed much longer due to the U.S.-Israeli war on Iran, Dallas Federal Reserve President Lorie Logan said

Other key points reported by Iran’s IRIB News included the US lifting its naval blockade on Iranian ports and the American navy leaving the waters surrounding Iran

Brent crude rose 2.5% and appeared to stabilize around $100 per barrel, amid stalled negotiations between the United States and Iran

Seven leading OPEC+ oil-producing countries ‌will likely agree to a modest hike to July output when they meet on June 7, four sources said, though delivery for several remains disrupted by the Iran war

Oil ​prices fell 4% after U.S. President Donald Trump said that negotiations with Iran were in the final ‌stages, though investors remain wary about the outcome of peace talks as disruption to Middle Eastern supply continues