BBC News: Oil prices surge after surprise move to cut output
Oil prices have surged after several of the world's largest oil exporters announced surprise cuts in production.
The price of Brent Crude oil jumped by more than $5 a barrel, or 7%, to above $85 as trading began.
The increase came after Saudi Arabia, Iraq and several Gulf states said on Sunday they were cutting output by more than one million barrels a day.
Oil prices soared when Russia invaded Ukraine, but are now back at levels seen before the conflict began.
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WNU Editor: Western sanctions on Russian oil has disrupted global oil production, supplies, and prices.
A prediction.
I expect Western price caps on Russian oil will soon collapse.
Oil Surges After OPEC+'s Unexpected Crude Production Cut
OPEC+ announces surprise oil cuts, while U.S. calls the move inadvisable -- CNBC/Reuters
Oil Prices Soar Almost 6% After OPEC+ Output Cut -- AFP
Brent oil price on ICE above $85 per barrel first time since March 7 -- TASS
Oil prices soar after Saudi Arabia leads coordinated OPEC+ cuts totaling more than 1 million barrels a day -- Market Watch