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OPEC crude production fell to a 36-year low in April at 20.55 million b/d, down 420,000 b/d, driven by Iran war disruptions and Strait of Hormuz shutdown, a Bloomberg survey showed. Kuwait saw the largest decline, down 470,000 b/d, while Iran output

2026-05-06

OPEC crude production fell to a 36-year low in April at 20.55 million b/d, down 420,000 b/d, driven by Iran war disruptions and Strait of Hormuz shutdown, a Bloomberg survey showed. Kuwait saw the largest decline, down 470,000 b/d, while Iran output fell 180,000 b/d to 3.05 million b/d amid US blockade pressure. The Persian Gulf supply loss has lifted fuel prices and raised inflation and recession risks, while oil markets remain volatile amid shifting diplomacy signals. OPEC members also agreed to proceed with a symbolic output quota increase in June despite disruptions.

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Gold futures rise amid easing Middle East tensions, analysts say. "President Trump's announcement to temporarily pause a U.S.-led plan to provide safe passage for vessels through the Strait of Hormuz," has eased these tensions, CBA's Vivek Dhar says

Gold futures rise amid easing Middle East tensions, analysts say. "President Trump's announcement to temporarily pause a U.S.-led plan to provide safe passage for vessels through the Strait of Hormuz," has eased these tensions, CBA's Vivek Dhar says in a research report. Gold futures have mostly tracked inversely to the direction of Middle East tensions since prices reached an intraday peak of $5,422 an ounce on March 2, the analyst says. An "upward shift in gold will likely be driven by any cease-fire hopes in the Middle East, market pricing of rate cuts as high energy prices weigh on global growth and Fed independence concerns," Dhar adds.
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