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OPEC’s oil production fell in June to a new 5-year low, according to a survey on Friday by Reuters of consulting firms, OPEC sources and shipping data. The 14-member OPEC was estimated to have produced 29.60 mil bpd last month, which was 170,000 bpd below May's revised figure and the lowest OPEC total since April 2014.

A commander of the Iranian Revolutionary Guards threatened on Friday to seize a British ship in retaliation for the capture of an Iranian oil tanker in Gibraltar. "If Britain does not release the Iranian oil tanker, it is the authorities' duty to seize a British oil tanker," Mohsen Rezai wrote on Twitter. British Royal Marines boarded the ship off the coast of Gibraltar on Thursday, and seized it over accusations it was violating sanctions by taking oil to Syria.

Iran announced on Sunday it will shortly boost its uranium enrichment above a cap that it agreed to in 2015, prompting a warning from U.S. President Donald Trump "to be careful". Under the 2015 agreement, most international sanctions against Iran were lifted in return for curbs on Iran’s nuclear activities.