An Indian-flagged tanker carrying liquefied petroleum gas that transited the Hormuz Strait amid the Iran war is docked at an offloading terminal in Mumbai, India, on April 1, 2026. Punit Paranjpe/AFP via Getty Images
The international oil consortium OPEC+ agreed on April 5 to increase its oil output quotas in May by 206,000 barrels per day because key members are unable to increase production during the ongoing U.S.–Israeli war with Iran.
Iran effectively closed the Hormuz Strait after the United States and Israel launched coordinated strikes on Feb. 28.
