OPEC+ approves a fourth output quota hike since the Hormuz closure

Seven major OPEC+ producers approved a fourth quota increase since the Strait of Hormuz closure triggered a supply shock. The April-to-June package adds nearly 600,000 barrels per day, with Saudi Arabia, the UAE, Iraq and Russia raising their ceilings. Analysts cited by CNBC say the cartel's market relevance has reattached as physical scarcity intensified during the war.

Brent has oscillated between roughly $90 and $105 a barrel across the first 100 days of the conflict, IEA tracking shows. The new quota lift is read as a balancing act between price stability and market-share defence as non-OPEC supply also responds. Investors will watch whether members can actually deliver the headline volumes, given chronic compliance gaps in earlier rounds.

US pump prices have stayed elevated into the summer driving season, and it is unclear whether the additional barrels will translate into meaningful relief at the consumer level. Strategists argue that any geopolitical premium could ease if Hormuz traffic normalises in the coming weeks, but warn the trajectory depends on the war's course. This is not investment advice.