Brent crude futures retreated to $71.88 a barrel on Monday, slipping 24 cents or 0.33% after closing higher on Friday.
The modest decline reflects a shifting balance in the energy market, where the immediate threat of supply disruption is being outweighed by the prospect of increased global supply from OPEC+.
The price action comes as OPEC+ members agreed to raise their production targets by approximately 188,000 barrels per day starting in August.
This decision, finalized over the weekend, marks a significant step in the cartel's gradual unwind of voluntary output cuts.
The additional supply is expected to hit the market just as geopolitical tensions in the Middle East show signs of easing.
Crucially, the recovery in crude exports through the Strait of Hormuz has reduced the premium traders had been paying for shipping risk.