In light of heightened geopolitical tensions following recent attacks on Iran, OPEC+ has agreed to significantly increase oil production. Delegates have confirmed a hike of 206,000 barrels per day starting in April, with discussions of potentially larger increases as the situation develops. This response aims to stabilize oil prices, which are forecasted to rise due to the ongoing conflict and disruptions in key shipping routes like the Strait of Hormuz. While the oil cartel has committed to a modest output increase, analysts warn of a substantial risk premium that could drive prices even higher in the face of continuing instability in the region.