business News

OPEC+ agreed to a fourth consecutive oil production target increase of 188,000 barrels per day from July, despite ongoing US-Iran conflict disruptions. This decision comes as major Gulf producers struggle to meet demand due to export issues through the Strait of Hormuz.

The average rate for a 30-year fixed mortgage eased to 6.48% last week, offering slight relief to homebuyers. This decline follows a recent climb to a nine-month high, influenced by inflation concerns and elevated oil prices. Despite the dip, rates remain higher than earlier this year, continuing to impact the challenging housing market.