OPEC+ meets Sunday considering raising output after oil neared $120
OPEC+ is meeting this Sunday to talk about possibly increasing oil output.
This comes after the U.S.-Israel conflict with Iran disrupted shipping through the Strait of Hormuz since the end of February, cutting exports and sending oil prices soaring close to $120 a barrel.
The group will discuss ways to tackle these challenges and keep things steady.
Gulf attacks cut global supply 15%
Major producers like Saudi Arabia and the U.A.E. can't ramp up production right now because of ongoing conflicts, while Russia is dealing with sanctions and war fallout.
Attacks in the Gulf have also hit operations hard, shrinking global supply by as much as 15% by April 2026.
If things don't improve soon and disruptions continue through mid-May, JPMorgan warns prices could shoot past $150 per barrel, so all eyes are on what OPEC+ decides next.