OPEC+ Boosts Oil Output Quotas Amid Strait of Hormuz Disruptions

OPEC+ has agreed to raise its oil output quotas by 206,000 barrels per day for May, but this modest increase will have little impact as disruptions in the Strait of Hormuz continue.

The U.S.-Iran war has effectively shut down the world's most important oil route since February 28th, cutting exports from OPEC+ members Saudi Arabia, UAE, Kuwait, and Iraq.

Crude prices have surged to a four-year high near $120 per barrel, causing soaring fuel prices that are pressuring consumers and businesses worldwide.