OPEC+ said on the 28th that oil prices are expected to rise following attacks on Iran by Israel and the United States. The group also said it is reviewing measures to increase supply to prevent a sharp spike in oil prices.
According to Bloomberg, OPEC+, the major oil-producing alliance led by Saudi Arabia and Russia, had frozen crude oil supply levels for the past three months but is expected to increase output starting in April.
On the 27th, crude oil closed at $73 per barrel on the London exchange, the highest level in seven months. The price surge came amid escalating tensions between the U.S., Israel, and Iran, and further increases are expected following the actual attack carried out the next day.
Israel's defense minister declared a national state of emergency, saying the country had launched a preemptive missile strike against Iran. The United States also participated in the attack on Iran. Targets included major Iranian military facilities, government institutions, and intelligence assets.