US-Iran war, July 6 -- Oil prices edged lower on Monday after OPEC+ agreed to raise its production targets further from August. The recovery in crude exports from major producers through the Strait of Hormuz also pointed to an increase in global supply, weighing on prices.

Brent crude futures slipped 24 cents, or 0.33%, to $71.88 a barrel, after ending 0.45% higher on Friday. Meanwhile, US West Texas Intermediate (WTI) crude fell 11 cents, or 0.16%, to $68.58 a barrel. WTI did not settle on Friday as US markets remained closed ahead of the Independence Day holiday on Saturday.

Both benchmark crude contracts were little changed last week after witnessing declines over the previous few weeks, as investors closely monitored talks between t...