Oil prices jump after attacks on Iran, OPEC+ plans small production increase

Oil prices surged by about 10% after military strikes on Iran, with analysts warning prices could reach $100 a barrel. The conflict has rattled global markets and raised concerns about the security of key supply routes through the Strait of Hormuz.

In response, the OPEC+ group of oil-producing nations agreed to increase their collective output. However, the planned increase of 206,000 barrels per day is seen as relatively small and may not be enough to significantly calm the market or offset the risk of supply disruptions from the conflict.