OPEC+ set to agree third oil output quota hike since Hormuz closure, sources say

OPEC+ has agreed in principle to raise oil output targets by approximately 188,000 barrels per day in June, marking the third consecutive monthly increase, despite ongoing disruptions from a U.S.-Iran war that has closed the Strait of Hormuz and blocked exports from major Gulf producers including Saudi Arabia, Iraq, Kuwait, and the UAE. The output increase will remain largely symbolic on paper until shipping through Hormuz reopens and oil flows normalize, a process that could take several weeks to months, while the disruption has already pushed oil prices to four-year highs above $125 per barrel and prompted warnings of potential jet fuel shortages and global inflation spikes.