OPEC+ Agrees to Increase Oil Output in August

OPEC+ has agreed in principle to increase oil production by 188,000 barrels per day in August. The decision comes as exports through the Strait of Hormuz begin to recover after a period of disruption. Delegates confirmed the output hike, which marks a further step in restoring supply from the region. The move aims to stabilize global oil markets as traffic through the key waterway resumes.