The Iran war exposed a long-simmering feud within the world’s most powerful oil cartel, boiling over this spring when it contended with the biggest oil supply shock in history.

Despite the impressive headline number, the cartel is still pumping nowhere near where it was before the Strait of Hormuz crisis turned Middle East oil flows upside down.

OPEC+ raised oil production quotas by 188,000 bpd for July 2026, but the blocked Strait of Hormuz makes the increase largely symbolic for energy and crypto