Oil rallies on Hormuz risk as OPEC+ prepares to hold output steady

Brent crude extended its rally as renewed US-Iran strikes raised the risk of disruption through the Strait of Hormuz, with oil trading near $99 a barrel this week. OPEC+'s seven core members, Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman, are expected to keep output policy unchanged for October at Sunday's meeting, completing the unwinding of one layer of production cuts and turning focus to 2027 quota talks as the war curbs the group's usual influence over prices.

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