Update: Oil Prices Surge After Surprise Cuts

SAUDI ARABIA – Just recently, Our News reported major oil-producing countries, led by Saudi Arabia, cutting supplies of crude again. Well, oil prices have already spiked.

Brent Crude, the global benchmark, jumped 5.31% to $84.13 a barrel, while WTI, the U.S. benchmark, rose 5.48% to $79.83. Both were the sharpest price rises in almost a year.

With oil prices now rising, inflation could remain higher for longer, adding pressure to a hot-button issue for consumers around the world.

On Sunday, Saudi Arabia said it would start “A voluntary reduction” in its production of crude oil, alongside other members or allies of the Organization of the Petroleum Exporting Countries.