Crude oil futures end higher as OPEC+ output declines
OPEC+ report revealed that crude output dropped by 7.9 million barrels per day in March
Crude oil futures closed sharply higher on Monday after U.S. President Donald Trump announced a blockade targeting vessels linked to Iran in the Strait of Hormuz. Meanwhile, an OPEC+ report revealed that crude output dropped by 7.9 million barrels per day in March, largely due to disruptions caused by the closure of the Strait of Hormuz.
Benchmark crude oil futures for May delivery increased by $2.51 or 2.60% to settle at $99.08 a barrel on the New York Mercantile Exchange. Brent crude for June delivery jumped by $4.16 or 4.37% to settle at $99.36 a barrel on London's Intercontinental Exchange.
