OPEC+ agrees on third oil output quota hike since Hormuz closure

OPEC+ has announced a third increase in oil output quotas following the closure of the Strait of Hormuz, a critical shipping route for oil. This decision is likely to influence oil prices through the supply channel, as increased output may ease some upward pressure on prices caused by supply disruptions. Markets most exposed include crude oil futures and related equities, as traders assess the balance between supply and demand dynamics in light of geopolitical tensions. The upcoming weekly U.S. inventory data will be a key catalyst to watch, as it may provide insights into domestic supply levels and further impact oil price movements.

Crude oil (WTI/Brent) reacts in real time to OPEC+ production decisions, EIA weekly inventory reports, geopolitical supply disruptions (Middle East, Russia, Venezuela) and US Strategic Petroleum Reserve announcements. A 5% intraday move on breaking news is not unusual.

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