International Oil Prices Drop 2%, Slip Below $90 Per Barrel

International oil prices have fallen by more than 2%, settling in the low $90s per barrel. Both West Texas Intermediate (WTI) and global benchmark Brent crude futures saw declines, and Dubai crude, a benchmark for the Asian market, also trended downward.

A key factor behind this decline in international oil prices is the decision by OPEC+ to increase its crude oil production targets. OPEC+ decided to raise its production target by 188,000 barrels per day starting in July.

Despite the drop in oil prices, concerns remain. The potential for the Strait of Hormuz's functionality to be restricted due to tensions between the U.S. and Iran raises the possibility that oil exports from major Gulf producers like Saudi Arabia may not be sufficient. In such a scenario, the actual impact of OPEC+'s production increase decision on stabilizing international oil prices could be limited.