Oil Falls 5% as OPEC+ Overrides Hormuz Risk
WTI crude oil dropped to $84.45 on Sunday, shedding 5.44% on the session after OPEC+ confirmed a 548,000 bpd production increase for August 2026. That is the fifth consecutive monthly hike. The move overrode what had been a persistent risk premium from Iran-US-Israel tensions around the Strait of Hormuz, at least for now. Each of the three commodity groups is dealing with a distinct supply story, and none of them is straightforward. Key Takeaways WTI crude fell 5.44% to $84.45/bbl on July 27 as OPEC+ confirmed a 548,000 bpd August output increase, the fifth consecutive monthly hike (Reuters, July 27, 2026). EIA data for the week ended July 22 showed a surprise crude build of +2.010 million b…
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