The United States and Israel’s strikes on Iran are expected to spark a surge in oil prices when futures trading opens Sunday at 6 p.m. ET, experts warn.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies said early Sunday it would raise its daily output by 206,000 barrels a day after pausing incremental production increases earlier in the year. In the fourth quarter, OPEC boosted production by 137,000 barrels per day.
The production increase may somewhat blunt the expected surge in oil prices when the futures market opens Sunday evening, but energy analysts didn’t expect the production increases to do much to keep prices in check.
Oil prices have been…