What stands out, though, is that the OPEC+ output increase did little to change the market's underlying supply calculus. That disconnect between quota barrels and deliverable barrels is likely to stay in focus as long as both chokepoints remain under threat. ---Crude tumbled on Trump's Iran reprieve, but with Hormuz and Bab al-Mandeb both constrained, OPEC+'s latest output hike still can't easily get to market. Iran added that it had no plans to receive a US delegation or send its own negotiators abroad in the coming days. In effect, additional quota barrels approved by OPEC+ still have to navigate the same constrained routes as existing exports, meaning the headline supply increase carries less real-world weight than the number alone suggests.