Global Oil Prices Fall as OPEC Agrees to Raise Output from August

International crude oil prices fell on Monday after the Organization of the Petroleum Exporting Countries (OPEC) agreed to increase its production target from August, boosting expectations of higher global supply. The decline also came as oil exports through the Strait of Hormuz showed signs of improvement, easing concerns over supply disruptions linked to geopolitical tensions in the Middle East. During early trading, Brent crude futures fell 34 cents (0.47%) to $71.78 per barrel, while U.S. West Texas Intermediate (WTI) crude declined 20 cents (0.29%) to $68.49 per barrel. According to market analysts, investors are closely monitoring developments in U.S.-Iran relations and the security of oil shipments through the Strait of Hormuz. At its meeting on Sunday, OPEC agreed to increase production by 188,000 barrels per day from August, continuing the output hikes introduced in June and July. However, analysts noted that much of the increase may remain nominal, as major producers including Saudi Arabia, Kuwait, and Iraq had been unable to operate at full capacity amid regional tensions. A recent Reuters survey also showed OPEC's oil production rebounded in June, rising by 330,000 barrels per day to 19.4 million barrels, recovering from its lowest level in more than two decades.