OPEC+ Announces Oil Production Boost as Energy Markets Recover Amid Middle East Conflict Fallout

Seven OPEC+ member countries, including Saudi Arabia and Russia, plan to increase oil production by 188,000 barrels per day starting in August. This marks the fifth consecutive monthly increase and comes as energy markets show signs of recovery following the US-Israel war on Iran, with the easing of the Strait of Hormuz blockade contributing to lower prices.