OPEC+ members have reportedly reached an agreement in principle for a modest increase in oil output quotas, though without the participation of the UAE. Sources indicate these output hikes are largely symbolic at present, given disruptions to shipping through the Strait of Hormuz.

The output hikes are largely ‌symbolic for now, with most shipping ​through the Strait of Hormuz halted by the ⁠U.S.-Israeli war against Iran