OPEC+ announces plans to increase oil production from August as Strait of Hormuz blockade eases

Seven OPEC+ member countries, including Saudi Arabia and Russia, announced plans to increase oil output by 188,000 barrels per day starting in August. This decision comes as energy markets show signs of recovery following the U.S.-Israel war on Iran and the easing of the Strait of Hormuz blockade, which had previously constrained oil shipments.