Oil prices fell to their lowest levels in three weeks on Tuesday, undoing gains from the recent Israel-Iran conflict, as placated geopolitical tensions and expectations of heightened production from OPEC+ weighed on sentiment.

Brent and WTI Retreat

As of the latest data:

• Brent crude futures (September) declined 0.3% to $66.57 per barrel.

• West Texas Intermediate (WTI) fell 0.3% to $63.64 per barrel.

These figures mark the lowest since June 11, just before the escalation of conflicts in the Middle East. The decline, supported by a fragile ceasefire between Israel and Iran, has diminished geopolitical risk premiums for the time being.

OPEC+ Meeting on the Horizon

Attention is now squarely focused on the upcoming OPEC+ meeting, where the group is anticipated to extend the reversal of pandemic-era production cuts. Reports suggest OPEC+ plans to increase output by 411,000 barrels per day in August, adding to previous hikes made in May, June, and July.

For 2025, this cumulative expansion approaches 1.78 million barrels per day, still shy of the collective cuts instituted over the last two years.

U.S. Fiscal Outlook Adds Pressure

The oil market faces additional strain from rising concerns regarding a significant tax cut and spending package promoted by President Donald Trump. Traders are reassessing demand expectations in the world’s leading oil importer, fearing the plan could significantly broaden the fiscal deficit.

Data to Watch: Utilize These APIs for Market Tracking

To remain updated on supply-demand dynamics and oil market fluctuations, consider these APIs:

Commodities API – Real-Time Crude Data

Monitor:

• Live updates on Brent, WTI, and Natural Gas prices

• Market direction in advance of OPEC+ meetings

• Responses to geopolitical or macroeconomic news

This data is vital for energy traders, hedge fund managers, and institutional analysts.

Economics Calendar API

Track essential macroeconomic indicators such as:

• U.S. petroleum inventories (EIA data)

• OPEC+ announcements and energy briefings

• Trade balance reports from oil-importing nations

This helps align forecasts for crude oil with global economic developments.

Conclusion

With the OPEC+ meeting set to dictate the next phase in oil supply strategy, and geopolitical tensions receding, oil markets are now recalibrating for a potential surplus environment. While prices remain sensitive to macro shocks, traders are becoming increasingly attuned to fundamental factors, such as production hikes, U.S. fiscal risks, and global demand trends.

Stay vigilant because in this market, oil not only burns but also reacts.