OPEC+ announces 188,000 barrels-per-day output increase in first meeting without UAE

opec+ agreed to increase oil output by 188,000 barrels per day for june, slightly less than may's 206,000 bpd hike. it was the group's first meeting without the uae, which officially left opec on may 1. the seven countries involved — saudi arabia, russia, iraq, kuwait, kazakhstan, algeria, and oman — said the adjustment was part of commitments from april 2023. oil supply has been tight since the iran war closed the strait of hormuz on february 28. u.s. crude futures fell 3% to $101.94 on friday, and brent lost nearly 2% to $108.17, after iran sent a peace proposal to pakistan. trump said he'd been told about a deal concept but warned strikes could restart. a senior iranian official said the proposal would reopen hormuz and end the u.s. blockade, leaving nuclear talks for later.