OPEC+ members, particularly Saudi Arabia and the United Arab Emirates, reach an agreement to increase oil production, ending disputes that caused prices to reach their highest level since 2014. Per the terms of the agreement, Russia will increase its production from 11 million barrels to 11.5 million by May 2022, while the other members will increase their production by 400,000 barrels per day starting in August.
Iran's Revolutionary Guard seizes a South Korean-flagged ship in the Persian Gulf over alleged oil pollution and environmental hazards. The ship was travelling from Saudi Arabia to the port of Fujairah in the United Arab Emirates.
Saudi Arabia opens its airspace to all flights between the United Arab Emirates and "all countries", upon the request of the Emirati government. The move comes days after Israel and the United Arab Emirates restored diplomatic ties and Israeli flag carrier El Al commenced commercial flights to the UAE. Saudi Arabia still maintains a policy of neither maintaining diplomatic ties nor recognising Israel, and does not allow Israeli aircraft to fly in Saudi Arabian airspace under any other circumstances.
Pakistan pulls out of an international summit of Muslim nations in Kuala Lumpur, Malaysia, scheduled to start this Thursday. Foreign Minister Shah Mahmood Qureshi said it was done after Saudi Arabia and the United Arab Emirates expressed concern that the summit was to establish a rival bloc to the Organisation of Islamic Cooperation.