U.S. MILITARY: DISABLING IRANIAN-FLAGGED UNLADEN OIL TANKER ATTEMPTING TO SAIL TOWARD AN IRANIAN PORT ON WEDNESDAY

SPOT GOLD EXTENDS RALLY, UP $100 INTRADAY TO $4,656.28/OZ, GAINING 2.19%

OPEC crude production fell to a 36-year low in April at 20.55 million b/d, down 420,000 b/d, driven by Iran war disruptions and Strait of Hormuz shutdown, a Bloomberg survey showed. Kuwait saw the largest decline, down 470,000 b/d, while Iran output fell 180,000 b/d to 3.05 million b/d amid US blockade pressure. The Persian Gulf supply loss has lifted fuel prices and raised inflation and recession risks, while oil markets remain volatile amid shifting diplomatic signals. OPEC members also agreed to proceed with a symbolic output quota increase in June despite disruptions.