Oil prices moved higher after OPEC+ said it will go ahead with a previously planned production increase next month, easing some uncertainty in the market. Brent crude settled up 1.2% at $74.85 a barrel, while U.S. West Texas Intermediate rose 0.9% to $71.40.

The decision signaled that the producer group is sticking to its supply roadmap despite ongoing questions about demand and the pace of global economic growth. Traders often react quickly to any shift in OPEC+ policy because the alliance still plays a central role in balancing supply and demand across the world’s oil market.

The move comes as energy markets continue to watch for signs of tighter or looser inventories, along with broader geopolitical risks that can affect shipping routes and production. Even a modest adjustment in output expectations can move benchmark prices, especially when the market is already sensitive to supply guidance.

For consumers and businesses, higher crude prices can eventually feed into fuel and transportation costs if the rally continues. For now, the gains reflect market relief that OPEC+ did not change course, even as investors continue to weigh how much new supply the market can absorb.