OPEC+ Hikes Oil Output Again As Hormuz Shipping Bounces Back
The Strait of Hormuz is gradually reopening to tanker traffic following disruptions caused by the U.S.-Israeli war on Iran, which had previously halted oil exports from key OPEC+ members including Iraq, Saudi Arabia, and Kuwait. Shipping through Hormuz is bouncing back, though tanker traffic and oil output remain below pre-war levels as OPEC+ announces a new output increase of 188,000 bpd from August.