The Latest Breaking News on Crude Oil Settles Sharply Higher on Heightened Geopolitical Risks

In total, cutbacks in production will be over one million barrels a day. Because of these announced cutbacks, the global benchmark of oil prices, Brent crude, had a 5.31% increase in cost, rising to $84.13 a barrel. The U.S. benchmark, WTI, surged to $79.83 a barrel, a 5.48% increase.

Oil rallied the most in more than a year after OPEC+ unexpectedly announced output cuts that threaten to tighten the market and deliver a fresh inflationary jolt to the world economy.

Some of the globe's biggest oil producers are cutting back

World oil prices soared Monday after several top producers led by Saudi Arabia sprang surprise output cuts despite already angering the United States with a similar move last year.

LONDON - World oil prices soared Monday after several top producers led by Saudi Arabia sprang surprise output cuts despite already angering the United States with a similar move last year.

Morning Markets June S&P 500 futures (ESM2 3) this morning are down -0.18%, and June Nasdaq 100 E-Mini futures (NQM2 3) are down -0.81%. U.S. stock index futures this morning are moderately lower on higher bond yields after the action by OPEC+ to cut its crude production by 1 million...

All you need to know about the Opec+ decision to cut production and the potential knock-on effects

In support of the stability of the global oil markets, and the enhancement of the balance between supply and demand, the member of the Organization of Petroleum Exporting Countries (OPEC) and the producing countries within the OPEC+ have decided to implement a voluntary reduction of crude oil production. Experts described…

Shell and BP saw their share prices rise following a jump in the price of oil.