Forex News
United States (US) President Donald Trump said on Tuesday that a secret US military operation helped secure commercial shipping through the Strait of Hormuz, allowing more than 100 million barrels of Oil to reach global markets amid ongoing tensions involving Iran.
Key takeaways:
Last month, I directed our great US military to execute a secret mission to support oil tankers and other commercial ships through the Strait of Hormuz.
[I'm] pleased to announce that this effort has resulted in more than 100 million barrels of Oil making its way through the Strait and into the open market.
More than 200 commercial ships have safely traveled through the Strait.”
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.10% | -0.08% | 0.06% | -0.14% | 0.15% | -0.02% | 0.06% | |
| EUR | 0.10% | 0.00% | 0.17% | -0.09% | 0.19% | 0.08% | 0.16% | |
| GBP | 0.08% | -0.00% | 0.15% | -0.07% | 0.22% | 0.09% | 0.15% | |
| JPY | -0.06% | -0.17% | -0.15% | -0.24% | 0.04% | -0.10% | -0.04% | |
| CAD | 0.14% | 0.09% | 0.07% | 0.24% | 0.28% | 0.14% | 0.20% | |
| AUD | -0.15% | -0.19% | -0.22% | -0.04% | -0.28% | -0.14% | -0.06% | |
| NZD | 0.02% | -0.08% | -0.09% | 0.10% | -0.14% | 0.14% | 0.06% | |
| CHF | -0.06% | -0.16% | -0.15% | 0.04% | -0.20% | 0.06% | -0.06% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
- Trump warns of hard attacks as Iran targets Gulf bases.
- US CPI reaches three-year high, keeping Fed hike bets alive.
- Oil rebound and rising yields deepen pressure on Gold.
Gold (XAU/USD) price collapses over 3% on Wednesday after the latest inflation report in the US showed prices remain elevated, reinforcing expectations that interest rates could remain higher-for-longer, a headwind for the non-yielding metal. The XAU/USD pair trades at $4,130 after testing two-month lows near $4,105.
XAU/USD sinks as hot CPI and retaliation fears hit bullion
Market mood shifted sour after US President Trump said that the US “will be attacking Iran hard” and that it has the right to resume attacks if Tehran doesn’t sign a deal. Meanwhile, Iran launched attacks on US bases established in the Gulf States, in Jordan, Kuwait and Bahrain.
US CPI above the 4% threshold, PPI up next
US inflation jumped to 4.2% YoY in May, its highest level in three years—aligned with estimates—, according to the Consumer Price Index (CPI), driven by energy prices, which rose 3.9%, up from April’s 3.8%. Underlying inflation, as reflected in the core CPI, came in at 2.9% YoY, as foreseen, up from 2.8% in the previous month.
After the data, money markets are still pricing in a Federal Reserve (Fed) rate hike towards the end of the year, yet expect 21 basis points (bps) of tightening, below the 25 bps hit on Monday.
Bullion is heading south, pressured by the recovery of Oil prices. After Trump’s remarks, the US crude Oil benchmark, WTI, is up 2.62% to $91.00 per barrel. As inflationary pressures build, US Treasury yields followed suit, with the 10-year T-note rising almost two basis points to 4.536%.
Traders' focus shifts to the May Producer Price Index (PPI) release, with both figures expected to rise modestly. Headline PPI is projected to hit 6.4% YoY, up from 6%, and Core PPI is foreseen to rise from 5.2% to 5.4% YoY. Furthermore, jobless claims are also expected to dip from 225K to 219K for the week ending June 6.
XAU/USD technical outlook: Gold tanks towards $4,100 as bears eye a YTD low
From a technical standpoint, Gold shifted bearishly, with sellers eyeing a clear break below the latest cycle low at $4,098, the March 23 yearly low. If broken, Bullion prices could collapse to $4,000, as the next area of interest from a supply/demand perspective would be the October 28, 2025, swing low at $3,886.
The Relative Strength Index (RSI) shifted into oversold territory, but it hasn’t reached the 20 level, considered the most extreme, which could trigger a consolidation in Gold prices.
For a bullish reversal, XAU/USD must climb above the 200-day Simple Moving Average (SMA) at $4,443, which opens the path to challenge $4,500.
Gold FAQs
Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
US President Donald Trump said on Wednesday the US “will be attacking Iran very hard,” as he pressures Tehran to sign a deal, adding that “they’ve taken too long to negotiate a deal that would have been great for them, now they will have to pay the price.”
Iran’s President Masoud Pezeshkian posted on X his response to Trump’s threat to attack infrastructure, “Critical infrastructure is the lifeblood of the people. Threatening to target them, from transportation networks to electricity and water utilities, is not a show of strength but a sign of desperation in the face of a nation's will. Iran will remain steadfast against any pressure and threat, relying on the knowledge and ability of experts, national unity, and solidarity.”
Market’s reaction
- Gold is down almost 3.50% to $4,116, while the US Dollar Index (DXY) is about to turn flat at 99.97.
- The US crude Oil benchmark WTI pared earlier losses, gaining over 2.80% as of writing, with the price per barrel back above $91.00.
- US equities are also down, with the S&P 500 and the Nasdaq down over 1% and 1.6%, respectively.
Gold vs. Oil vs. S&P 500
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.06% | -0.03% | 0.08% | -0.13% | 0.20% | 0.02% | 0.09% | |
| EUR | 0.06% | 0.01% | 0.15% | -0.10% | 0.19% | 0.09% | 0.15% | |
| GBP | 0.03% | -0.01% | 0.13% | -0.09% | 0.20% | 0.08% | 0.13% | |
| JPY | -0.08% | -0.15% | -0.13% | -0.21% | 0.08% | -0.06% | -0.01% | |
| CAD | 0.13% | 0.10% | 0.09% | 0.21% | 0.30% | 0.16% | 0.20% | |
| AUD | -0.20% | -0.19% | -0.20% | -0.08% | -0.30% | -0.13% | -0.08% | |
| NZD | -0.02% | -0.09% | -0.08% | 0.06% | -0.16% | 0.13% | 0.05% | |
| CHF | -0.09% | -0.15% | -0.13% | 0.01% | -0.20% | 0.08% | -0.05% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
Risk sentiment FAQs
In the world of financial jargon the two widely used terms “risk-on” and “risk off'' refer to the level of risk that investors are willing to stomach during the period referenced. In a “risk-on” market, investors are optimistic about the future and more willing to buy risky assets. In a “risk-off” market investors start to ‘play it safe’ because they are worried about the future, and therefore buy less risky assets that are more certain of bringing a return, even if it is relatively modest.
Typically, during periods of “risk-on”, stock markets will rise, most commodities – except Gold – will also gain in value, since they benefit from a positive growth outlook. The currencies of nations that are heavy commodity exporters strengthen because of increased demand, and Cryptocurrencies rise. In a “risk-off” market, Bonds go up – especially major government Bonds – Gold shines, and safe-haven currencies such as the Japanese Yen, Swiss Franc and US Dollar all benefit.
The Australian Dollar (AUD), the Canadian Dollar (CAD), the New Zealand Dollar (NZD) and minor FX like the Ruble (RUB) and the South African Rand (ZAR), all tend to rise in markets that are “risk-on”. This is because the economies of these currencies are heavily reliant on commodity exports for growth, and commodities tend to rise in price during risk-on periods. This is because investors foresee greater demand for raw materials in the future due to heightened economic activity.
The major currencies that tend to rise during periods of “risk-off” are the US Dollar (USD), the Japanese Yen (JPY) and the Swiss Franc (CHF). The US Dollar, because it is the world’s reserve currency, and because in times of crisis investors buy US government debt, which is seen as safe because the largest economy in the world is unlikely to default. The Yen, from increased demand for Japanese government bonds, because a high proportion are held by domestic investors who are unlikely to dump them – even in a crisis. The Swiss Franc, because strict Swiss banking laws offer investors enhanced capital protection.
The Bank of Canada (BoC) left its policy rate unchanged at 2.25% on Wednesday, as widely expected, delivering a neutral-to-mildly dovish hold. The statement and Governor Tiff Macklem's press conference reinforced a patient approach, as policymakers continue to balance lingering inflation risks against an economy that remains in excess supply.
The Bank expects inflation to hover around 3% in the near term before gradually easing back towards its 2% target. Officials also reiterated that they are largely looking at the impact of the Middle East conflict on headline inflation, noting limited evidence that higher energy prices are feeding more broadly into consumer prices.
While the Governing Council stressed it would not allow higher energy costs to become a source of persistent inflation, it gave little indication that a policy response is imminent. Policymakers also pointed to a likely rebound in growth during Q2, although they cautioned that economic activity remains weak and uncertainty surrounding US trade policy persists.
During his press conference, Macklem emphasised that any future policy move will depend on economic conditions rather than a predetermined timeline. He noted that core inflation has edged lower, reiterated that economic weakness continues to weigh on prices and argued that little has changed since the previous meeting, with incoming data broadly evolving as expected.
Bottom line
While policymakers continue to acknowledge inflation risks, particularly from energy prices, they appear comfortable looking through temporary shocks as long as broader price pressures remain contained.
For now, the Bank appears satisfied that rates are where they need to be, leaving future moves dependent on incoming data rather than any predetermined path.
However, the biggest clue was not what they said about inflation, but what they didn't say. There was no attempt to revive the "higher energy prices could require further tightening" narrative that appeared after the previous meeting. Instead, they repeatedly emphasised limited pass-through, excess supply and the absence of major data surprises. That's a central bank that looks comfortable staying put for quite a while.
- US inflation hit a three-year high on war-driven energy costs while the core reading came in soft.
- Trump threatened heavier strikes on Iran, leaving the truce and the Hormuz reopening in doubt.
- The index posted its sharpest daily fall since printing a record high days earlier.
The Dow Jones Industrial Average (DJIA) fell about 1.2% on Wednesday, a near 600-point slide that settled just under 50,250 after tagging session lows around 50,150. The awkward part is that the scheduled risk behaved: May Consumer Price Index (CPI) data landed on forecast and leaned friendly underneath, yet the index still booked its heaviest loss since topping out close to 51,400 early this month. The damage came from the unscheduled risk, a ceasefire with Iran that spent Wednesday visibly coming apart, taking the disinflation trade with it.
Hot headline, polite core
Headline CPI rose 0.5% MoM and 4.2% YoY, the hottest annual rate since April 2023 and a world away from January's 2.4%. Energy did the damage, jumping almost 4% on the month and driving over 60% of the gain, with gasoline up roughly 40% YoY. Beneath the war premium the report was almost polite: core CPI rose just 0.2% MoM against forecasts near 0.3%, the annual core rate sits at 2.9%, and core goods prices outright fell as tariff pass-through fades. The textbook read is an energy tax rather than a spiral, and rates traders trimmed hike bets accordingly.
No airbag from the Fed
The Federal Reserve (Fed) meets next week and is priced to do nothing, with the live debate now whether the next move is a hike before year-end rather than when the first cut arrives. A soft core print shaves that hike risk at the margin, but no central bank eases into a four-handle headline while household inflation expectations in the University of Michigan (UoM) survey approach 5%. That leaves the index carrying war risk with no monetary cushion, which, more than the CPI arithmetic, is what Wednesday was about.
The Strait writes the next CPI
The escalation sequence was grim even by the standards of a war past its hundredth day. A US Apache helicopter went down near the Strait of Hormuz at the start of the week, Washington blamed an Iranian drone and struck air defense and radar sites around Bandar Abbas and Qeshm Island, and Iran answered against US bases in Bahrain and Kuwait. By Wednesday President Trump was telling reporters Tehran had stalled negotiations long enough, would be made to pay for it, and should expect far heavier strikes. Every forecast that has inflation rolling over later this year assumes Hormuz reopens and gasoline futures keep sliding, so renewed fire inside the strait is not a sideshow but the whole show. This column has treated the truce as a press release rather than a settlement, and with West Texas Intermediate (WTI) back near $90 and Brent pushing toward $93, the Crude Oil market now agrees.
A failed bounce and a close on the lows
The daily uptrend is bruised rather than broken, with the index up from around 45,000 in April to a record close to 51,400 and still comfortably above the 50-day Exponential Moving Average (EMA) near 49,700. The session itself is the worry. The Dow opened just shy of 50,900, bled lower through the morning, based near 50,350, then staged a recovery that stalled short of 50,800 before a late slide left the close pinned at the bottom of the range. An afternoon rally sold to fresh lows is distribution, not dip-buying, and a daily Stochastic Relative Strength Index (Stoch RSI) rolling over from overbought says momentum sits with the sellers.
Thursday's PPI keeps the heat on
The calendar offers no breathing room either, with Thursday at 12:30 GMT bringing May Producer Price Index (PPI) figures: the headline is seen up 0.7% MoM after 1.4% in April with the annual rate climbing toward 6.4%, and core PPI is forecast near 0.5% MoM and 5.4% YoY, pipeline pressure that keeps the hike debate alive. Weekly jobless claims land alongside, seen close to 219K after 225K. Friday at 14:00 GMT delivers preliminary June UoM sentiment, where the 1-year inflation expectations series, last at 4.8%, is the line item the Fed genuinely fears.
Upside, downside, bias
Upside: a credible de-escalation headline that reclaims 50,750 and then the broken shelf near 50,900 puts a retest of the record around 51,400 back in view. Nothing in Wednesday's tape earns that without help from the diplomats.
Downside: a daily close under 50,150 exposes the 50,000 handle, and losing that drags the 50-day EMA near 49,700 into play as the line between a pullback and a trend question.
Bias: lower while the strait stays shut. The soft core print was the best news the index got all day, and it bought nothing, which tells you what is setting the price.
Dow Jones 5-minute chart
Dow Jones FAQs
The Dow Jones Industrial Average, one of the oldest stock market indices in the world, is compiled of the 30 most traded stocks in the US. The index is price-weighted rather than weighted by capitalization. It is calculated by summing the prices of the constituent stocks and dividing them by a factor, currently 0.152. The index was founded by Charles Dow, who also founded the Wall Street Journal. In later years it has been criticized for not being broadly representative enough because it only tracks 30 conglomerates, unlike broader indices such as the S&P 500.
Many different factors drive the Dow Jones Industrial Average (DJIA). The aggregate performance of the component companies revealed in quarterly company earnings reports is the main one. US and global macroeconomic data also contributes as it impacts on investor sentiment. The level of interest rates, set by the Federal Reserve (Fed), also influences the DJIA as it affects the cost of credit, on which many corporations are heavily reliant. Therefore, inflation can be a major driver as well as other metrics which impact the Fed decisions.
Dow Theory is a method for identifying the primary trend of the stock market developed by Charles Dow. A key step is to compare the direction of the Dow Jones Industrial Average (DJIA) and the Dow Jones Transportation Average (DJTA) and only follow trends where both are moving in the same direction. Volume is a confirmatory criteria. The theory uses elements of peak and trough analysis. Dow’s theory posits three trend phases: accumulation, when smart money starts buying or selling; public participation, when the wider public joins in; and distribution, when the smart money exits.
There are a number of ways to trade the DJIA. One is to use ETFs which allow investors to trade the DJIA as a single security, rather than having to buy shares in all 30 constituent companies. A leading example is the SPDR Dow Jones Industrial Average ETF (DIA). DJIA futures contracts enable traders to speculate on the future value of the index and Options provide the right, but not the obligation, to buy or sell the index at a predetermined price in the future. Mutual funds enable investors to buy a share of a diversified portfolio of DJIA stocks thus providing exposure to the overall index.
- USD/CAD trims losses as traders digest Bank of Canada monetary policy decision.
- The BoC left interest rates unchanged for a fifth straight meeting.
- Policymakers strike a balanced tone on growth and inflation.
The Canadian Dollar (CAD) pares some of its gains against the US Dollar (USD) on Wednesday after a brief bout of strength following the Bank of Canada's (BoC) monetary policy announcement. At the time of writing, USD/CAD trades around 1.3925, recovering from an intraday low of 1.3899.
The BoC kept its benchmark interest rate unchanged at 2.25% for a fifth consecutive meeting, in line with market expectations. In its monetary policy statement, the central bank said economic activity in Canada is weak, uncertainty surrounding US trade policy persists and the war in the Middle East keeps Oil prices elevated.
The statement also noted that there has been limited evidence so far of a broad-based pass-through of higher energy prices to other consumer prices. "Governing Council is continuing to look through the war's near-term impact on headline inflation, but will not let higher energy prices become persistent inflation. As the outlook evolves, we stand ready to respond as needed," the BoC said.
BoC Governor Tiff Macklem said, "Any decision on a possible rate hike is less about a timeline and more about conditions." Macklem also warned that "Higher energy costs triggering broad inflation may require consecutive rate hikes." He added, "If we start to see core inflation drift up, that would certainly get our attention."
The balancing act between inflation concerns and weak economic growth suggests policymakers are not in a rush to tighten monetary policy. As a result, the Canadian Dollar struggles to build on its post-decision gains.
At the same time, a firmer US Dollar, supported by Middle East tensions and hawkish Federal Reserve (Fed) expectations, keeps the near-term outlook for USD/CAD tilted to the upside.
Canadian Dollar Price Today
The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.12% | -0.08% | 0.05% | -0.16% | 0.08% | -0.13% | -0.03% | |
| EUR | 0.12% | 0.01% | 0.15% | -0.08% | 0.14% | -0.01% | 0.08% | |
| GBP | 0.08% | -0.01% | 0.15% | -0.07% | 0.15% | -0.02% | 0.07% | |
| JPY | -0.05% | -0.15% | -0.15% | -0.22% | -0.01% | -0.19% | -0.11% | |
| CAD | 0.16% | 0.08% | 0.07% | 0.22% | 0.21% | 0.04% | 0.12% | |
| AUD | -0.08% | -0.14% | -0.15% | 0.00% | -0.21% | -0.18% | -0.08% | |
| NZD | 0.13% | 0.01% | 0.02% | 0.19% | -0.04% | 0.18% | 0.08% | |
| CHF | 0.03% | -0.08% | -0.07% | 0.11% | -0.12% | 0.08% | -0.08% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Canadian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CAD (base)/USD (quote).
- WTI gains more than 2% on Wednesday and climbs back toward $89.40 after a sharp rebound from the previous day's lows.
- Donald Trump threatens further military action against Iran, fueling concerns about global Oil supply.
- US Crude Oil stockpiles dropped by 7.228M barrels, a larger-than-expected draw that provides additional support to Oil prices.
West Texas Intermediate (WTI) trades around $89.40 at the time of writing on Wednesday, up 2.33% on the day, as investors return to the Oil market following a strong rebound driven by geopolitical tensions in the Middle East.
Crude Oil prices are recovering a bullish tone after United States (US) President Donald Trump warned that further military operations against Iran remain possible if Tehran continues to delay negotiations with Washington. In a post on Truth Social, Trump stated that Iran’s military capabilities have been severely weakened and argued that Iranian authorities now have no alternative but to negotiate.
This rhetoric has revived fears of a renewed escalation in the region after the US Central Command (CENTCOM) confirmed strikes against Iranian air defense systems, control centers and surveillance radar sites near the Strait of Hormuz. The operation followed the downing of a US Apache helicopter, an incident Trump had previously vowed to retaliate against.
Concerns about the security of the Strait of Hormuz are providing particular support to Oil prices. This strategic waterway handles roughly one-fifth of global energy supplies, and any prolonged disruption could significantly affect international Crude flows.
Earlier in the day, Iranian Foreign Ministry spokesperson Esmaeil Baghaei stated that Tehran needs to reassess the terms of negotiations with Washington following the latest clashes, highlighting the deterioration in diplomatic relations between the two countries.
Traders have also reacted to the latest Energy Information Administration (EIA) weekly inventory report released on Wednesday. US Crude Oil stockpiles fell by 7.228M barrels, a larger-than-expected draw compared with market forecasts for a decline of 4M barrels. The figure follows a previous draw of 7.974M barrels and points to continued tightening in US Oil inventories.
The larger-than-expected decline in stockpiles reinforces concerns about supply availability at a time when geopolitical risks in the Middle East remain elevated. Combined with fears of potential disruptions around the Strait of Hormuz, the inventory data is providing additional support to Oil prices, helping WTI hold above the $89 level.
WTI Oil FAQs
WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.
Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.
The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
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