Opec+ set to raise output as Strait of Hormuz blockade disrupt oil flows

Opec+ has agreed to increase output in June to reassure markets amid concerns over oil supply disruptions caused by the Strait of Hormuz blockade and the ongoing Israeli-US war on Iran. The departure of the UAE adds uncertainty, but the move is seen as an effort to stabilize the market. Economic impacts, such as a decline in air traffic, are also spreading.