OPEC+ held a virtual meeting on Sunday, September 6, deciding to keep oil production targets for October at the same level as September, ending six consecutive months of increases. However, analysis indicates that OPEC+'s influence on the physical oil market is now very limited due to the effective closure of the Strait of Hormuz since the conflict erupted on February 28, leading to a significant drop in shipping volumes, and the UAE's withdrawal in May. Consequently, on September 6, the average price of U.S. diesel reached a record high of $5.897 per gallon, and gasoline prices also rose significantly. High oil prices are pushing up inflation and may strengthen the Federal Reserve's case for an interest rate hike later in September.