Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia (OPEC+), are considering a major output boost on March 1 meeting, potentially surpassing the slated 411,000 barrels per day (bbl/d) increase. With Saudi Arabia and the United Arab Emirates (UAE) already ramping up exports after weekend strikes on Iran, the group is moving to stabilize the market, Reuters reported.

Meanwhile, oil prices are expected to climb as military conflict intensifies across the Middle East. Following initial US-Israeli strikes on Iran and subsequent counter-strikes affecting five neighboring nations, the energy sector has reacted swiftly. Multiple oil firms have halted transit through the Strait of Hormuz, sparking fears of a significant supply squeeze and immediate pain at the pump, according to the Independent.

It is worth noting that Iranian strikes have hit several OPEC countries, including the UAE, Qatar, Kuwait, and Iraq, according to the BBC.