Global oil is above $100 — and OPEC+ isn't raising its targets. The group meets today, and delegates say it has agreed in principle to keep November targets unchanged.

But the targets aren't the real story. Because of the Iran war, core OPEC+ producers were pumping roughly 5 million barrels a day below pre-war levels in August. Gulf producers are already well short of their targets, so raising them changes little.

Brent crude, the global benchmark, settled Friday near $102. Gas averages about $4.37 a gallon nationally.

What matters next: oil trading reopens tonight. Watch whether Brent holds above $100.

Until that oil can move, shipping lanes matter more than OPEC targets.

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