Commodities

Oil Swings as Hormuz Flows Persist and OPEC+ Flags Higher Supply

Oil fluctuated in a narrow range, as flows through the Strait of Hormuz persisted and OPEC+ signaled higher supplies.

Brent traded below $72 a barrel, while West Texas Intermediate was near $69. Oil and gas shipping along a US-protected corridor in the waterway showed [signs of recovering](https://www.bloomberg.com/news/articles/2026-07-05/fewer-ships-transiting-hormuz-along-oman-coast-after-u-turns) Sunday, a day after several vessels had performed unexplained U-turns and detours in the energy chokepoint.