Saudi Arabia reported to OPEC that it increased crude oil production by just over 1 million barrels a day in July. The rebound marks a recovery among Persian Gulf producers during a brief ceasefire in the Iran war, which allowed for more stable operations after earlier disruptions.\n\nThe production boost, detailed in Saudi Arabia's monthly report to OPEC, represents the largest monthly increase in months. The kingdom's output had been constrained by voluntary cuts and regional tensions.

The temporary easing of conflict in the Persian Gulf region enabled a swift return of barrels to the market.\n\nGlobal oil markets are closely watching OPEC+ supply decisions as the rebound adds to concerns about oversupply. Analysts note that the million-barrel increase could offset production losses elsewhere if the ceasefire holds. However, risks remain if hostilities resume, potentially reversing the gains seen in July.