However, gains were capped after the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia—together known as ‘OPEC+’—decided to increase production in May. Around 7:15 AM, the June contract of Brent on the Intercontinental Exchange was trading at $110.58, higher by 1.42% from its previous close. "Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. Seemingly setting a fresh deadline for Iran, in another post, he wrote: "Tuesday, 8:00 P.M. Eastern Time!". OPEC+ move In another major development for oil markets, OPEC+ on Sunday decided to expand oil production quotas by 206,000 barrels per day for May.

Source: Mint April 06, 2026 18:38 UTC