OPEC+ nations announce modest oil output rise amid Gulf tensions

OPEC+ nations have agreed to a modest production increase of 188,000 barrels per day starting in June, citing a commitment to market stability. The decision comes amid heightened tensions as Iran blocks the Strait of Hormuz. Seven countries, including Saudi Arabia and Russia, have decided to raise production as part of their commitment to market stability, with monthly meetings planned to review market conditions and conformity. This move is largely symbolic due to the ongoing blockage of the Strait of Hormuz.