Oil Prices Jump 5% as OPEC+ Production Boost Fails to Offset Middle East Supply Disruptions

According to Allianz Chief Economist Elian, crude prices surged 5% earlier today (June 8) as OPEC+ production increases of 188,000 barrels per day proved insufficient to counter supply concerns. While the producer group has boosted output, analysts view most gains as "paper volumes" unlikely to reach markets due to ongoing disruptions in the Strait of Hormuz. Traders are reacting to military escalation between Iran and Israel, alongside Israel's expanding strikes on Lebanon.
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