Oil prices surge after Saudi production cuts trigger fresh inflation fears – latest updates

Oil prices surge after Saudi production cuts trigger fresh inflation fears – latest updates

Oil prices soared after oil producers’ unexpected cuts to crude output threatened to deliver a fresh jolt of inflation to the world’s markets. West Texas Intermediate (WTI) soared as much as 8pc in early trading and stood above $79 per barrel at 7am, while Brent crude shot up almost 5pc to come close to $84. 5 things to start your day 1) JCB chief demands rethink of net zero ban on cars : Lord Bamford says internal combustion engine has a future following climbdown by Brussels 2) Bank of England demands cyber crackdown after Russia-linked attacks : Threadneedle Street orders lenders to bolster defences against hackers 3) Home working deals blow to defence companies in race with Russia and China : Boss of Cobham and Ultra warns of war for talent with big tech companies that offer more flexibility 4) Tony Blair’s son wins backing of America’s richest family : Euan Blair secures support from Waltons for his company Multiverse 5) 3,000 City jobs at risk as UBS prepares cuts after Credit Suisse rescue : Swiss lender expected to cut a third of staff worldwide What happened overnight Oil prices jumped on Monday after Saudi Arabia and other OPEC+ oil