OPEC+ Boosts Output Amid Major Military Escalation in Middle East

OPEC+ has agreed to a modest increase in crude oil production for April 2026. This decision comes at a critical juncture as US and Israeli forces launched a major military offensive against Iran. In response, Iran has carried out retaliatory strikes targeting Israel and US military installations across the Gulf region. While an output hike usually pressures prices, the severe geopolitical risk premium is currently driving crude markets significantly higher. Investors are closely monitoring potential disruptions to vital supply routes in the Persian Gulf. Consequently, WTI and Brent prices are seeing substantial upward pressure alongside safe-haven assets like XAU/USD.