Reports Kuwait was cutting output pushed up cost of barrel of Brent crude to highest weekly gain since Covid pandemic began

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Reports Kuwait was cutting output pushed up cost of barrel of Brent crude to highest weekly gain since Covid pandemic began

Gulf Arab oil producers are cutting production as they run out of storage space because they can't export through the Strait of Hormuz

Escalating military aggression in Middle East continues to wipe 20m barrels from market each day

Major disruption to energy supplies threatens to push up prices for consumers and businesses around the world.

After its largest increase since the early 1980s over the last week, futures trading on crude oil on Sunday surpassed $100 per barrel.

Oil prices surged about 20%, hitting their highest since July 2022.

The Strait of Hormuz, through which roughly one-fifth of the world's oil and liquefied natural gas typically passes, is virtually shut.

Crude oil prices surge more than 20 percent as sprawling regional conflict threatens global energy supplies.

RIYADH: Oil prices climbed above $100 a barrel on March 9 for the first time since 2022 as conflict between the US-Israel alliance and Iran continued, but analysts believe more…