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OPEC+ boosts oil production after attacks on Iran and throughout region
The Organization of Petroleum Exporting Countries, in a Sunday meeting planned before the war began, said it would increase production by 206,000 barrels per day in April, which was more than analysts had been expecting. The countries boosting output include Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman.
Attacks throughout the region, including on two vessels traveling through the Strait of Hormuz, the narrow mouth of the Persian Gulf, could restrict countries’ ability to export oil to the rest of the world. That would will likely result in higher prices for crude oil and gasoline, according to energy experts.
Roughly 15 million barrels of crude oil per day – about 20% of the world’s oil – are shipped through the Strait of Hormuz, making it the world’s most critical oil chokepoint, according to Rystad Energy. Tankers traveling through the strait, which is bordered in the north by Iran, carry oil and gas from Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the UAE and Iran.
Iran had temporarily shut down parts of the strait in mid-February for what it said was a military drill. Further disruptions to that shipping channel could lead to lower supply and higher prices for oil.
“Roughly one-fifth of global oil supply passes through the Strait of Hormuz, a vital artery for world trade, meaning markets are more concerned with whether barrels can move than with spare capacity on paper,” said Jorge Leon, Rystad’s senior vice president and head of geopolitical analysis, in an email. “If flows through the Gulf are constrained, additional production will provide limited immediate relief, making access to export routes far more important than headline output targets.”
Iran exports roughly 1.6 million barrels of oil a day, mostly to China, which may need to look elsewhere for supply if Iran’s exports are disrupted, another factor that could increase energy prices. Energy experts believe oil prices could shoot higher when barrels begin trading late Sunday. Analysts at Rystad anticipate the price of a barrel of Brent crude, the international standard, could increase by $20 when trading opens.
A barrel of Brent crude closed at a seven-month high of $72.87 on Friday.
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President Donald Trump addresses the American people following strikes by the U.S. and Israel on Iran.
Oil prices surged late Sunday as fears mounted that the escalating Iran conflict could drag on for weeks, rattling global energy markets.
Global benchmark Brent crude briefly jumped to $82.37 a barrel — its highest level since January 2025 — in the first wave of trading following U.S. and Israeli strikes on Iran that killed Supreme Leader Ali Khamenei, according to Reuters.
By 7:54 p.m. ET, Brent had pulled back slightly but was still up more than 7% at $78.24 a barrel.
U.S. West Texas Intermediate crude also surged nearly 7%, climbing to $71.68 after briefly hitting $75.33 — its highest since June of last year.
OIL MARKETS ON EDGE AS IRAN MOVES TO RESTRICT VITAL STRAIT OF HORMUZ SHIPPING LANE, REPORT SAYS
Smoke rises over the city center after the Israeli army launches airstrikes on Iran on Feb. 28, 2026. (Fatemeh Bahrami/Anadolu via Getty Images / Getty Images)
Analysts at Citi warned that prices could climb further if the conflict persists, projecting Brent could trade between $80 and $90 a barrel in the coming days.
Israel launched fresh strikes on Iran Sunday, with Tehran responding with new missile barrages, further escalating tensions in a region responsible for a significant share of the world’s oil production, Reuters reported.
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An aerial view of Port of Fujairah, United Arab Emirates, in the strait of Hormuz, Dec. 10, 2023. (REUTERS/Stringer / Reuters)
Missiles on Sunday also struck several oil tankers near the Strait of Hormuz — the world’s most critical oil export route — killing one crew member and raising alarms across global markets, Reuters reported.
As tensions mounted Sunday, more than 200 vessels — including oil and liquefied natural gas tankers — were anchored near the passage which carries roughly 20% of the world’s oil supply, according to Reuters.
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In this handout image provided by the Office of the Supreme Leader of Iran, Iranian Supreme Leader Ali Khamenei addresses the nation in a state television broadcast on June 18, 2025, in Tehran, Iran. (Office of the Supreme Leader of Iran via Getty Images / Getty Images)
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Iran reportedly moved to restrict navigation along the Strait of Hormuz following the strikes.
Major exporters including Saudi Arabia, Iraq, the United Arab Emirates, Kuwait and Iran depend heavily on the route.
Reuters contributed to this report.
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