US-Iran News LIVE: OPEC to meet, consider amping oil production as peace talks stall amid fresh tit-for-tat strikes
"Earlier today, US forces in the Middle East shot down two Iranian one-way attack drones that threatened international maritime traffic in the Strait of Hormuz," US Central Command said on its X account."American forces remain postured and ready to continue defending against Iranian aggression."CENTCOM said late Friday its forces shot down four Iranian attack drones launched toward the strait, then struck Iranian coastal surveillance radar sites.The tit-for-tat strikes, including a salvo of Iranian missiles fired Saturday at US allies Bahrain and Kuwait, come despite Washington and Tehran being engaged in weeks of indirect talks on how to end the war.Meanwhile, OPEC ministers are set to meet on Sunday to weigh higher production quotas in a bid to cap oil prices that have surged since the war effectively choked off Gulf crude shipments.But even if the cartel members vow to ramp up output by thousands of barrels per day, analysts say geopolitical realities mean they probably won't move the needle on prices.With the crucial Strait of Hormuz shut since US and Israeli attacks on Iran in late February, oil prices have nearly doubled, igniting inflation pressures worldwide.Follow updates here:7 Jun 2026, 08:25:11 AM ISTUS-Iran News LIVE: What is the status of peace deal?As part of mediation efforts, Pakistan’s interior minister, Mohsin Naqvi, arrived in Iran on Saturday, AP reported. As Washington seeks to increase economic pressure on Tehran, the US Treasury Department is considering allowing Gulf allies to tap into frozen Iranian assets to pay for damages they sustained in the war, AP reported citing a person familiar with Secretary Scott Bessent's thinking.7 Jun 2026, 08:12:29 AM ISTUS-Iran News LIVE: OPEC to meet today to weigh higher production of oilMinisters from the 21 member states of OPEC , the main oil producing nations and their allies, are set to hold their quarterly meeting online today.OPEC ministers are set to meet on Sunday to weigh higher production quotas in a bid to cap oil prices that have surged since the war effectively choked off Gulf crude shipments.The group is likely to beef up its production quotas by "188,000 barrels a day", said Jorge Leon, analyst at Rystad Energy, similar to recent increases.But in reality, only seven members -- Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman -- have the capacity to do so.About the AuthorLivemintFor about a decade, Livemint—News Desk has been a credible source for authentic and timely news, and well-researched analysis on national news, business, personal finance, corporates, politics and geopolitics. We bring the latest updates on all the listed companies on BSE and NSE, startups, mutual funds, Union ministries, geopolitics, and untapped human interest stories from around the world, helping our readers to stay informed on the latest developments around the globe. Our Coverage Areas 1. Companies: Comprehensive news and analysis on listed and unlisted companies, corporate announcements, corporate chatter, C-suite, business trends, hiring alerts, layoffs, work-life balance, world's top billionaires and richest and more. 2. Personal finance: Insights into mutual funds, small savings schemes like - PPF, SSY, post office savings scheme, stock to watch, personal loans, credit cards, top bank FDs, real estate, income tax and more. 3. Politics: Comprehensive coverage of general elections, state elections and bypolls, Lok Sabha, Vidhan Sabha, Parliament, PMO, PIB, finance ministry, home ministry, among other union ministries and government departments. 4. National News: From metro cities like Delhi, Mumbai, and e to untapped stories from rural India, we cover human interest, health, education, crime and courts, and law and order, among other
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