File photo Credit: Joe Raedle/Getty Images

(CNN)-- The Organization of the Petroleum Exporting Countries (OPEC) and its allies, the world's largest oil producers' alliance known as OPEC+, agreed Sunday to increase oil production, as shipping traffic through the Strait of Hormuz remains below pre-war levels.

The seven oil-producing countries will raise their daily output by 188,000 barrels, continuing the production increase for the fifth consecutive time since Israel and the United States launched their attacks on Iran on February 28.

The group did not address the US-Iran conflict in a statement published online, but confirmed it would continue to monitor market conditions.

The oil market has seen significant disruptions in recent months, with the strait effectively closed for most of the conflict. The strikes also damaged energy facilities in the Middle East, and some oil producers shut down their sites.

Oil prices rose during the war, briefly reaching a 4-year high, exceeding $126 per barrel in April. But prices have gradually declined, with Brent crude settling at $72.12 on Friday.

After the ceasefire announcement, researchers at Goldman Sachs predicted that the average oil price would be $75 per barrel next year, down from previous forecasts that indicated oil prices could remain in the hundreds until 2027.

It is noteworthy that the United States and Iran agreed to a ceasefire in mid-June, which included commitments to reopen the Strait of Hormuz, a vital waterway through which 20% of the world's oil passes, without imposing transit fees during the 60-day agreement.

However, the mutual attacks around the strait last month, and attacks on some commercial vessels, have left operators and their crews facing danger and uncertainty even under the ceasefire.