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Benzinga
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Brent crude surged 16.5% to $108/barrel and WTI jumped 18.3% to $107.50 as the Strait of Hormuz remained closed and Gulf producers cut output. U.S. crude posted its largest weekly gain since futures trading began in 1983, with Iraq's southern output plunging 70%.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Crude oil prices surged above $100 per barrel on Sunday after Middle East producers cut output
00:08while the Strait of Hormuz remained closed during the Iran War, according to CNBC.
00:13Brink crude rose 16.5% to $108.01, while West Texas Intermediate jumped 18.3% to $107.50
00:23per barrel.
00:23U.S. crude climbed about 35% last week in its largest weekly gain since futures trading began in 1983.
00:31In a Truth Social post, President Trump said the spike in short-term oil prices above $100
00:36was a very small price to pay for destroying Iran's nuclear threat.
00:40Kuwait announced precautionary production and refinery cuts, citing Iranian threats to shipping through the strait.
00:46Iraq's southern oil field output fell 70% to 1.3 million barrels per day from 4.3 million before
00:54the war.
00:55Gulf Arab states cut oil production as storage fills while tankers avoid the Strait of Hormuz over fears of Iranian
01:01attacks.
01:02For all things money, visit Benzinga.com.
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