Oil surges above $100 as Gulf states cut back production; WTI nearly touched $120 a barrel at high
www.cnbc.com
Gulf Arab oil producers are cutting production as they run out of storage space because they can't export through the Strait of Hormuz

Crude oil prices surged above $100 per barrel on Sunday, after major Middle East producers cut output because the critical Strait of Hormuz remains closed due to the Iran war.

West Texas Intermediate jumped 17%, or $15.32, to $106.22 per barrel. Global benchmark Brent advanced 15%, or $14.28, to $106.92. U.S. crude oil surged about 35% last week in its biggest gain in futures trading history dating back to 1983. The last time oil prices topped $100 per barrel was after Russia invaded Ukraine in 2022.

Shortly after oil blasted past $100 at the open of trading Sunday evening, Donald Trump posted on Truth Social that a gain in “short term oil prices” was a “very small price to pay” for destroying Iran’s nuclear threat.

  • I_Jedi@lemmy.todayEnglish
    82·
    1 day ago

    Full related tweet:

    Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!President DJT