00:00Global oil prices retreated below US$100 per barrel Monday after briefly surging to their highest level in nearly two
00:07years as the Group of 7G7 signal readiness to release emergency reserves amid escalating tensions in the Middle East.
00:15Brent crude the international benchmark surged to around US$119.5 per barrel in intraday trading, its highest level since
00:23mid-2022, before retreating later in the day to settle at about US$99.33 per barrel.
00:30The spike in energy prices has heightened concerns over supply disruptions linked to ongoing conflict involving Israel, the United States
00:37and Iran, particularly potential threats to shipping through the Strait of Hormuz, a critical artery for global oil and gas
00:44trade.
00:45Saudi oil giant Aramco has begun cutting output at two of its oil fields, two sources said on Monday after
00:51the vital Strait of Hormuz was choked by US-Israeli war on Iran and subsequent attacks on the waterway.
00:57It was not immediately clear at which fields and by how much production was being curtailed.
01:03Aramco, which has been rerouting some of its crude cargoes to the Red Sea port of Yandu, did not immediately
01:09respond to an email request for comment.
01:11Several of Saudi Arabia's neighbours, which have also been subject to attacks, have also cut production.
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