OPEC+ agreed on June 7 to raise output by 188,000 barrels per day in July, with participation from Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, and Saudi Arabia [Straits Times]. The decision follows US-Israeli strikes on Iran that began February 28, Iran's reported closure of the Strait of Hormuz, and subsequent missile exchanges [Straits Times]. Brent crude reached $96.47 per barrel and WTI traded near $94 [Straits Times].