After an unprecedented three-month decline, Opec-plus succeeded in boosting production of crude oil and other liquids in June thanks to a ceasefire deal between the US and Iran. The 14-point framework, signed on Jun. 18, facilitated the opening of the Strait of Hormuz and a flood of oil supplies. However, less than a month later, the strait was declared shut again by Iran, which in turn triggered a renewal of a US naval blockade of Iran's ports. Both countries declared the ceasefire deal no longer valid.