NEW YORK — A handful of countries in the OPEC+ oil-producing alliance plan to modestly increase output next month, which would put more oil on the market after fuel prices have fallen to levels not seen since before the U.S. and Israel’s war with Iran.

The Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, announced on Sunday that seven countries would expand oil production by a combined 188,000 barrels per day in August. It was the fifth consecutive month that OPEC+ agreed to increase oil production.

The countries participating in Sunday’s decision are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.

“Countries will continue to monitor and evaluate market conditions, and in their continued efforts to support market stability, reaffirmed the importance of taking a cautious approach,” the oil producers group said in a statement.

Over the past month, market optimism sent crude oil prices tumbling before and after the United States and Iran reached a tentative deal to end their clashes. As part of a broader memorandum of understanding, Iran agreed to allow ships to pass unimpeded through the Strait of Hormuz and the United States agreed to end its blockade of Iranian ports.

Since then, more and more commercial ships have transited the strait, which before the war was a conduit for about a fifth of the world’s oil. But shipping traffic remains below pre-war levels and tensions over the waterway continue. Iran’s joint military command warned Thursday that all oil tankers moving through the strait must use its approved routes or face a “forceful response.”

Oil prices have continued to fall as negotiators from Iran and the United States try to reach a final peace deal. Brent crude, the international benchmark, was trading below $72 a barrel shortly after commodity trading opened on Sunday evening. That’s close to what it cost before the United States and Israel launched attacks on Iran in late February, and well below skyrocketing prices that rose to nearly $120 a barrel in March.

The war created an energy crisis in much of the world. With most shipping blocked in the Strait of Hormuz, the limited production increases promised by OPEC+ in previous months could not offset the impact on global oil supplies.

Early in the war, many of the Middle East’s major oil producers had to cut production because their crude had nowhere to go. Yes&P Global Energy said in a recent estimate that it did not expect Gulf oil production to fully recover until at least the first quarter of 2027.

Energy experts have repeatedly warned that fuel prices and the cost of consumer goods will likely remain elevated long after the conflict ends.