Oil prices edged lower on Monday after Opec+ agreed to further increase output targets starting in August. Brent crude futures fell to $71.78 a barrel, while US West Texas Intermediate crude decreased to $68.49. These adjustments follow previous planned increases for June and July. Market analysts suggest these targets may have limited immediate impact as production continues to ramp up following conflict. Meanwhile, exports from key producers via the Strait of Hormuz are beginning to recover, potentially increasing global supplies. Traders are currently monitoring the volatility of US-Iran relations to gauge future market stability. Additionally, the UAE's departure from Opec in May has shifted the group's dynamics.