OPEC+

The expanded cartel of oil-producing nations, which agreed on March 1 to add 206,000 barrels per day in April — a larger increase than planned — though analysts note this falls far short of replacing the 20 million barrels per day that normally transit Hormuz. - Increasing production to offset Hormuz disruption

The last time the United States sank Iranian warships was April 18, 1988. Thirty-eight years later, American forces destroyed nine Iranian naval vessels in a single day and demolished the country's naval headquarters at Chabahar, on the Gulf of Oman. The strikes came after Iran attempted to blockade the Strait of Hormuz, the 21-mile-wide passage through which roughly one-fifth of the world's oil supply flows, broadcasting radio warnings that no commercial ship would be allowed to pass.

Updated 1 hour ago

Alliance of OPEC members and 10 non-OPEC oil-producing nations that coordinates production levels. - Holding 3.24 million barrels per day in cuts, delaying planned unwind

Brent crude averaged $80 per barrel in 2024. The U.S. Energy Information Administration now forecasts it will fall to $58 in 2026 and $53 in 2027—a decline of more than one-third in three years. The reason: global oil production is growing faster than demand, and inventories are piling up at a rate not seen since the pandemic.

Updated Feb 11