A coalition of OPEC, Russia and allied oil-producing nations agreed Sunday to boost output by a larger-than-expected amount in a move that could help offset any shortfall from Iran amid this weekend's strikes.
Why it matters: The OPEC+ boost of 206,000 barrels per day is an early sign of how producers and companies will respond to U.S. and Israeli strikes on Iran as the world ponders the effect on oil prices.
President Trump said Sunday the U.S. military destroyed nine Iranian warships and is in the process of destroying the rest of Iran's navy.
Why it matters: The U.S. strikes target Iran's ability to close the strategic Strait of Hormuz, the narrow waterway through which roughly a fifth of the world's oil supply flows.
The big picture: European leaders largely called for restraint and diplomacy to avoid further escalation, while U.S. adversaries condemned President Trump's decision to pursue military action.
The overnight military strikes on Iran will likely push up oil prices by creating new risks to supplies from the region that's home to a large chunk of global output and transit.
Why it matters: Americans are about to feel the impact of the joint military operation by the U.S. and Israel.
