OPEC+ is holding an extraordinary session today, April 5, 2026, to determine production policy for May. The meeting follows the effective closure of the Strait of Hormuz due to the U.S.-Iran conflict. Brent crude prices are currently trading above $100 per barrel.
The White House is pressuring the cartel to significantly increase output to lower global fuel prices. Global strategic petroleum reserves are currently nearing depletion. This supply shortage could potentially double the existing market gap.
Analysts are weighing scenarios ranging from steady production to an emergency increase of 1 million barrels per day. The decision will determine whether oil prices stabilize or continue to spiral higher. This outcome will drive market sentiment across the energy sector ahead of the next trading session.