OPEC+ is anticipated to agree to a 188,000 barrel per day output increase, completing the unwinding of voluntary 2023 cuts. However, market dynamics suggest this is a signal of manageability rather than a significant supply surge, as some members already produce below quota and the group retains flexibility to adjust production.

Oil futures saw gains in July, driven by the collapse of a U.S.-Iran memorandum and renewed attacks in the Strait of Hormuz. Analysts note that low refinery run rates due to a crude shortage are pushing diesel and gasoline prices higher, with WTI trading up 2.2% at $85.42 a barrel and September Brent at $90.36.

Austrian energy company OMV reported strong earnings, exceeding expectations, with a significant contribution from Borouge International. Investors are keen to understand how OMV plans to maintain high refining margins amidst ongoing Middle East tensions. OMV shares saw a slight decrease of 0.4% to 63.20 euros.