Hong Kong/Atlanta/London CNN —Oil prices spiked Monday after OPEC+ producers unexpectedly announced that they would cut output.
Brent crude, the global benchmark, jumped 5.31% to $84.13 a barrel, while WTI, the US benchmark, rose 5.48% to $79.83.
With oil prices now rising, inflation could remain higher for longer, adding pressure to a hot-button issue for consumers around the world.
Saudi Arabia now says it will cut oil production by another half a million barrels a day.
“We’re focused on prices for American consumers, not barrels.”In October, OPEC+’s decision to cut production had already rankled the White House.