OPEC+ decided to raise oil output targets by 188,000 barrels per day in June, with seven countries—Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman—participating in the first meeting without the United Arab Emirates, which left on May 1. This adjustment matches May's increase minus the UAE's share and occurs amid the Iran war's disruption of Strait of Hormuz oil supplies since February 28. U.S. crude futures fell 3% to $101.94 per barrel and Brent lost nearly 2% to $108.17 following the announcement.