Oil prices have fallen on Monday after Opec+ agreed to further increase its output targets from August, while exports from key producers via the Strait of Hormuz are recovering, potentially adding to global supplies, according to Reuters.

Brent crude futures have plunged 47 cents, or 0.65 per cent, to $71.65 a barrel as of 1227 GMT after settling 0.45pc higher on Friday.

US West Texas Intermediate crude was at $68.19 a barrel, down 50 cents, or 0.73pc.

There was no settlement for WTI on Friday as US markets were closed ahead of the Independence Day holiday on Saturday.