Gulf Arab oil producers are cutting production as they run out of storage space because they can't export through the Strait of Hormuz
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Crude oil prices surged above $100 per barrel on Sunday, after major Middle East producers cut output because the critical Strait of Hormuz remains closed due to the Iran war.
West Texas Intermediate
jumped 18.98%, or $17.25, to $108.15 per barrel by 6:12 p.m. ET. Global benchmark Brent
advanced 16.19%, or $15.01, to $107.70. U.S. crude oil surged about 35% last week in its biggest gain in futures trading history dating back to 1983.
Oil stays above $100 a barrel amid Iran’s stranglehold on Strait of Hormuz
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