On April 6, OPEC+ agreed to increase oil production quotas for the month of May by 206,000 barrels per day, effectively agreeing to increase production once oil flows through the Strait of Hormuz return to normal levels.

Oil markets barely reacted to the OPEC+ announcement and are far more focused on U.S. President Donald Trump's latest threat to carry out widespread bombing against Iranian power infrastructure and bridges if Iran does not open the strait by the evening of April 7. Both Brent and WTI crude futures are trading at near $110 per barrel.