PUMP IT UP: Oil producers vow to boost output as world gauges Iran fallout.

A coalition of OPEC, Russia and allied oil-producing nations agreed Sunday to boost output by a larger-than-expected amount in a move that could help offset any shortfall from Iran amid this weekend’s strikes.

Why it matters: The OPEC+ boost of 206,000 barrels per day is an early sign of how producers and companies will respond to U.S. and Israeli strikes on Iran as the world ponders the effect on oil prices.

Producers and companies also are anxiously watching the situation in the Strait of Hormuz and whether Iranian attacks damage oil infrastructure in Middle Eastern countries.

The big picture: The OPEC+ group “stopped short of a more forceful increase, underscoring the tightrope it is walking between responding to near-term geopolitical risk and avoiding oversupply later this year,” Jorge Leon, a top analyst with research and consulting firm Rystad Energy, said in a note.

But there’s also this: US gasoline prices to rise after attack on Iran, analysts warn.

I topped off the tank this weekend, just to be safe, but pump prices hadn’t spiked.