OPEC+ agrees to symbolic oil hike

The decision was made during a virtual meeting where members expressed concern over the slow recovery of global energy flows.

While the production hike is intended to stabilize prices, the closure of the Strait of Hormuz effectively prevents a significant portion of Middle Eastern crude from reaching the market.

Iranian drone strikes on Kuwaiti and Bahraini oil infrastructure have further tightened supply, leading to record-high prices at the pump.

The group warned that a full recovery will remain impossible as long as the conflict in the Gulf persists.