OPEC+ countries agree modest rise in production as Iran retains chokehold on key Strait of Hormuz

Seven countries in the OPEC+ grouping of oil-producing countries — including Saudi Arabia and Russia — say they’ve decided to a modest increase in production starting in June as part of a commitment to “market stability.” The commitment to raise production by 188,000 barrels per day comes after a virtual meeting they held on Sunday. The move is mostly symbolic because it comes as Iran blocks on the Strait of Hormuz at the mouth of the Persian Gulf, where about a fifth of the world’s trade in oil...