Oil surges above $100 a barrel; Trump says ‘small price to pay’ for defeating Iran
KEY POINTS
- Iraq, Kuwait and the United Arab Emirates, three big OPEC producers, have cut oil output as they run out of storage space.
- They are unable to export through the Strait of Hormuz due to Iranian threats against tankers. The U.S. war against Iran has shown little signs of easing.
- The Islamic Republic named Ayatollah Ali Khamenei’s son, Mojtaba, as its new supreme leader, according to reports.
