Seven countries in the OPEC+ grouping of oil-producing countries — including Saudi Arabia and Russia — say they've decided to a modest increase in production starting in June as part of a commitment to “market stability.”

The commitment from the seven countries, also including Algeria, Iraq, Kazakhstan, Kuwait and Oman , to raise production by 188,000 barrels per day comes after a virtual meeting they held on Sunday.

The move is mostly symbolic because it comes as Iran blocks the Strait of Hormuz at the mouth of the Persian Gulf , where about a fifth of the world’s trade in oil and natural gas typically passes, in the midst of the U.S.-Israeli war.…