OPEC+ to raise oil output by 188,000 barrels per day in June

AI Summary

OPEC+ has agreed in principle to increase oil output targets by approximately 188,000 barrels per day in June, marking the third consecutive monthly increase. This decision was influenced by ongoing disruptions caused by the U.S.-Iran war and the recent exit of the UAE from OPEC+. Oil prices reached a four-year high of over $125 per barrel this week, despite the planned output hike remaining largely symbolic until shipping through the Strait of Hormuz is restored. U.S. crude oil futures fell 3% to close at $101.94 per barrel, whereas Brent crude settled down nearly 2% at $108.17.