OPEC+ Pumps 206,000 Barrels Amid Iran Strikes, World Pretends It’s Enough

KEY POINTS

•On Sunday, OPEC, Russia, and allies said they would raise oil output by 206,000 barrels daily to offset potential Iranian supply losses.
•Tanker ships are avoiding the narrow Strait of Hormuz amid heightened tensions after US and Israeli strikes on Iran, raising supply fears.
•Analysts predict U.S. gasoline prices will climb above $3.20 per gallon in the coming weeks amid uncertain impacts from ongoing Middle East conflicts.

In a masterclass of 'too little, too late,' OPEC and buddy Russia suddenly decided Sunday to boost oil output by 206,000 barrels per day—barely enough to fill a few SUVs—just as the globe holds its breath over U.S. and Israeli airstrikes on Iran. Strait of Hormuz traffic jams, where one-fourth of seaborne oil usually struts by, are fueling tanker avoid-a-thons inspired by ‘precautionary decisions’ that feel suspiciously like panic. Iran says it’s not shutting the strait, but everyone’s playing hide-and-seek. Meanwhile, petroleum guru Patrick De Haan predicts U.S. gas prices inching above $3.20–$3.25 in weeks, possibly ruining midterms for politicians. Saudi Arabia quietly flexes as the only OPEC muscle still untapped, while 400 million barrels hide in U.S. reserves, unavailable if routes stay closed. ClearView Energy sums it up: ‘Much can happen in the fog of war,’ aka the world’s spiciest supply shortage soap opera.