OPEC agrees to 206k barrel-a-day production hike for April as US-Iran conflict tests oil markets

OPEC agreed to resume oil production increases next month as a conflict sparked by US-Israeli strikes on Iran threatened to bolster a rally in crude prices.

Key members led by Saudi Arabia and Russia — which had paused a series of hikes during the first quarter — will add 206,000 barrels a day, according to a statement.