Oil above $100, US helps ships amid stalled Iran talks
Oil prices are holding steady above $100 a barrel, with West Texas Intermediate at $101.84 and Brent crude at $108.23.
The US is stepping in to help stranded ships move through the crucial Strait of Hormuz, hoping to avoid supply hiccups as tensions run high and nuclear talks with Iran stall.
OPEC+ plans June output increase
Even with the US trying to broker a deal, talks with Iran aren't going anywhere, mainly because Iran wants shipping restrictions eased first.
OPEC+ plans to bump up oil output again in June, but actual exports are still tricky due to bottlenecks at Hormuz.
Meanwhile, the United Arab Emirates leaving OPEC is shaking up quotas a bit, but not really changing how much oil gets out there.
High crude prices are pushing up inflation worldwide, especially for big importers like India, so everyone's watching closely for any sign of relief.