Seven countries that are part of the OPEC+ group have decided to keep oil production levels unchanged for October. This decision comes amid rising geopolitical tensions in the Middle East and ongoing challenges in increasing output in the Persian Gulf region.

In a statement released on Sunday, the group confirmed that the production level set for September will remain in place for the following month. Last month, OPEC+ countries agreed to raise production for September, completing the phased reversal of a 1.65 million barrel per day cut that was introduced in 2023.

Most members of the group continue to produce less oil than their established quotas due to persistent disruptions in the Persian Gulf region. There are currently few signs of a peaceful resolution between the United States and Iran.

Over the past weekend, the US launched strikes on several tankers linked to Iran in response to attacks on American naval vessels. Iran, in turn, announced measures against tankers traveling along routes not subject to sanctions and plans to introduce a new restricted navigation zone outside the Strait of Hormuz, which could pose additional risks for ships in the Gulf of Oman.

Amid escalating tensions between Iran and the US, there has been an increase in net long positions on ICE Brent among speculators over the past reporting week.

On Monday morning, key oil indices continued to rise amid uncertainty in the Middle East. Brent futures for the nearest delivery month climbed 1.1% to $97.3 per barrel, while WTI futures rose 1.1% to $92.5 per barrel as of 5:23 GMT.

The OPEC+ group includes Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. These countries have reaffirmed their collective commitment to fully comply with the Declaration of Cooperation.

OPEC+ members are expected to meet on October 4 to decide on oil production quotas for November.