WASHINGTON (TNND) — Oil prices have beginning to decrease down to pre-Iran conflict levels following OPEC+ agreeing to increase production.
Weekend reports show that prices have started to go down and OPEC+ said it would increase output targets by 188,000 barrels per day starting next month, according to Fox Business.
This comes after the Strait of Hormuz was reopened after it was closed by Iran amid the conflict with the U.S.
Former White House economic adviser Steve Moore said earlier this month that lower gas prices could come sooner than expected.
There have also been concerns about the U.S. Strategic Oil Reserve as it was reported that it is down 340.3 million barrels, the lowest ever since 1883.
Last week, U.S. envoy Steve Witkoff and President Donald Trump’s son-in-law Jared Kushner arrived in Qatar to meet with mediators to discuss moving forward with ending the Iran war.
Trump has previously said that under his deal with Iran, the Strait of Hormuz would be toll-free permanently.
“Congratulations to all! I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade,” Trump wrote on TRUTH Social, referencing the U.S.’s retaliatory obstruction of Iranian ports. “Ships of the World, start your engines. Let the oil flow!”
