OPEC+ approved another oil production quota increase for July, marking the fourth such hike since the closure of the Strait of Hormuz following the outbreak of war between the United States and Iran, according to sources familiar with the decision.

The conflict, which began 100 days ago, has significantly disrupted global oil markets and forced the oil-producing alliance to repeatedly boost output to compensate for supply shortages. The Strait of Hormuz closure has created ongoing supply chain challenges for global energy markets.

President Trump indicated that Iran has not agreed to a peace deal because the country remains "strong" and "proud," though he suggested they have "no choice" but to reach an agreement eventually. Trump described Iran's new supreme leader as "younger" and "more rational" than his predecessor, noting the leader has been "pretty badly injured" but showing "certain bravery."

The ongoing conflict has had widespread economic impacts beyond energy markets. Global airlines have slashed their 2026 profit forecasts due to fuel cost increases stemming from the war. However, some carriers like Abu Dhabi's Etihad Airways are working to surpass pre-war capacity levels without implementing price cuts.

At the International Atomic Energy Agency, the United States has drafted a resolution demanding that Iran provide greater transparency regarding its nuclear sites and uranium stockpiles. Trump stated he would not unfreeze Iranian assets before a comprehensive deal is finalized.

US military families and troops have been adjusting to what officials describe as a "new normal" during the extended conflict. Despite the ongoing tensions, both Bloomberg and other sources indicate that the US and Iran remain far from reaching a peace agreement as the war enters its fourth month.