OPEC+ announces more-than-expected oil output

The key members of the OPEC+oil alliance announced a greater-than-expected increase to production quotas on Sunday following United States and Israeli strikes on Iran that triggered retaliation by Tehran across the Middle East.

The "Voluntary Eight" group in the alliance, which includes top oil producers Saudi Arabia and Russia, said they had agreed a "production adjustment" of 206,000 barrels per day.

"This adjustment will be implemented in April," they said in a statement.