Allianz chief economist El-Erian said OPEC+ has raised output by 188,000 b/d,
but analysts call most of the increase "paper barrels" and say persistent
disruptions to the Strait of Hormuz make it unlikely the additional oil will
reach markets. Oil prices rose about 5% this morning as traders priced in
military escalation between Iran and Israel and Israel’s widening strikes in
Lebanon, despite Trump saying a peace deal is imminent and urging Israel to
align with US directives.
