Oil and gas drop amid political and monetary shifts

Oil prices declined today, with Brent trading between $70 and $72 per barrel, while U.S. crude moved between $66 and $68. This came amid concerns over a potential oversupply resulting from the resumption of energy flows through the Strait of Hormuz and the planned increase in OPEC+ production by 188,000 barrels per day starting August 2026. Additionally, the European natural gas market is expected to experience volatility, despite its price retreat to €45 per megawatt-hour, amid ongoing geopolitical tensions in the Middle East and their impact on energy markets. Markets are now awaiting the Federal Reserve's meeting minutes, as political tensions continue to influence oil and gas prices and global supply stability.

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