Oil prices fell on OPEC+’s decision to hike production and due to the continued recovery in shipping through the Strait of Hormuz.

Oil prices ​inched lower on Monday after OPEC+ agreed to further increase its output targets from August ‌while exports from key producers via the Strait of Hormuz are recovering, potentially adding to global supplies.

OPEC+ approved a new production increase for August as recovering crude supplies and easing geopolitical concerns kept oil prices near pre-conflict levels.

OPEC+, ‌which groups OPEC and allied producers including Russia, has hiked their output quotas ⁠from April through July by almost 800,000 bpd.