OPEC+ agrees to boost oil output when Strait of Hormuz reopens

The Strait of Hormuz has been effectively shut since the end of February, cutting exports from OPEC+ members Saudi Arabia, the UAE, Kuwait and Iraq. This is a major supply disruption that will tighten global oil markets, raise price volatility and prompt risk-off positioning across markets.

Analysis

The Strait of Hormuz has been effectively shut since the end of February, cutting exports from OPEC+ members Saudi Arabia, the UAE, Kuwait and Iraq. This is a major supply disruption that will tighten global oil markets, raise price volatility and prompt risk-off positioning across markets.