02 Jul 2026, 17:33
Oil prices are rising amid OPEC+ cuts
- Fears that the supply of the Middle East will be disrupted drive oil prices higher through OPEC+
- Oil prices rise as traders watch for clues from OPEC+ about the pace and scale of supply cuts
- Analysts are forecasting further price gains amid a weaker dollar, with the impact of the Iran-US conflict and OPEC+ supply policy
Oil prices are rising, as expected, after OPEC+. The rally through the end of the day is driven by the strengthening of crude oil prices in the US and Iran, which is raising oil prices.
As of Thursday, , oil prices, with Brent and West Texas Intermediate, have risen, with prices moving higher on concerns about supply disruptions in the US and Iran. The rise was driven by expectations.
The reason for the rise is that the market is reacting to the OPEC+ decision, which changes the outlook for oil prices. In particular, the market is responding to the forecast that the 60-day OPEC+ supply cut will continue, which will support oil prices. The strengthening of the dollar is also contributing to the rise.
Meanwhile, the oil market is also reacting to the supply outlook, with analysts noting that the situation in the Middle East could affect supply. That said, the market is still cautious, as the overall outlook remains uncertain.
In the meantime, investors are monitoring the next steps by OPEC+ and the situation in the Middle East. At the same time, the market is keeping an eye on the US and Iran conflict and on how it could affect oil supplies. By the end of the day, the rise in oil prices could continue.
According to data, Brent rose by $0.79 (1.1%) to $70.78 by 06:42 GMT, while WTI increased by $0.84 (1.2%) to $67.74.
However, the situation remains uncertain. Al Jazeera reports that the group Morgan Stanley believes that oil prices will continue to rise due to the risk of supply disruptions. The report says that the situation could worsen further, which would lead to higher prices.
Meanwhile, the market is also reacting to news that China has resumed oil purchases from Iran, which could further support prices. However, analysts say that the impact may be limited, as the US could impose additional sanctions.
Overall, oil prices are rising due to expectations of supply disruptions and the ongoing OPEC+ policy. However, investors remain cautious, as the situation in the Middle East could change quickly.
Tags: Middle East/Politics/Economy/Energy