OPEC+ announces output boost as Strait of Hormuz crisis continues

OPEC+ has decided to increase daily oil production by 188,000 barrels despite ongoing geopolitical tensions and the recent departure of a key member, amid concerns over the Strait of Hormuz crisis. The production increase is slightly lower than the 206,000 barrels per day hike implemented in May. Global oil supplies remain constrained due to the ongoing Iran war and the closure of the Strait of Hormuz.