The Organization of the Petroleum Exporting Countries and its allies announced on Sunday that they will leave crude output unchanged in October. This decision to maintain production quotas follows six straight monthly increases.
The move comes after the resumption of U.S. and Iranian military strikes in the Persian Gulf. The ongoing Iran war continues to shutter vast swathes of output in the Middle East and disrupt oil exports through the Strait of Hormuz.
These geopolitical tensions have limited the influence of OPEC+ over prices and market share. As trading resumed on Sunday, Brent crude, the global benchmark for oil, rose about 1 percent, while the national average price of gas was nearly $4.15 a gallon.