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The number of ships transiting the Strait of Hormuz along Oman's coast has declined sharply after multiple vessels made U-turns over the weekend. The closure of the Oman corridor gateway is underway. Iranian media suggest that if Oman cooperates with the U.S., it will lose any role in overseeing the Strait of Hormuz. — BBG

OPEC+ to raise August oil output quotas by 188,000 bpd, RTRS reports.

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