OPEC+ agrees to symbolic production increase for May

The countries agreed to increase production by 206,000 barrels per day.

At the same time, the Strait of Hormuz - through which about a fifth of the world's oil normally passes - has been kept virtually completely closed by Iran since the war against the US and Israel began on February 28.

Attacks on oil facilities and ports have also reduced production and delivery capacity around the Persian Gulf.

So far, the disruptions are estimated to have reduced oil supplies by 12–15 million barrels per day, or up to 15 percent of global supply.

Sunday's increase is interpreted as an intention to revive production as hostilities subside.