Oil prices rise and OPEC considers increasing production after US attack on Iran

Oil prices have risen for several weeks, with a recent jump of more than 2% to 3.7%. This increase comes as the United States and Iran are engaged in talks and as tensions have risen following a US military strike on Iran.

In response to the conflict, the OPEC+ group of oil-producing nations is reportedly considering a larger increase in oil production than previously planned. A delegate and sources told Bloomberg that the group is weighing a shock output surge to address market instability caused by the Iran strike.