OPEC+ Approves Small Output Quota Hike for July Amid Hormuz Blockade

🛢️ OPEC+ — A small hike while Hormuz stays shut changes almost nothing. 📌 LOOK CLOSER: With Iranian barrels off the market and the strait sealed, an incremental quota bump can't replace the 20% of global supply blocked at Hormuz. The move signals Gulf producers—Saudi Arabia foremost—want to be seen managing prices down without actually moving them. Brent stays elevated; the hike absorbs political pressure, not barrels. Watch whether markets call the bluff Monday open.