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OPEC+ is ​likely to pause ‌its gradual oil output ​hikes after ​September for the ⁠rest of ​2026, four ​sources said, as it needs to ​have ​additional talks before deciding ‌its ⁠output quotas for 2027.

President Trump said that talks with Iran were taking place. In response, Brent crude further declined while Treasurys strengthened and the dollar fell.

OPEC+ prepares for a key production decision as Hormuz supply risks keep WTI, Brent and natural gas markets on edge.

Australia said on Tuesday it would consider building its first new oil refinery in ​more than 60 years, as war in the ‌Middle East squeezes supplies from overseas and underscores the urgency to improve energy security.

The oil markets are reacting to the cessation of missiles flying over the last day or so.