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Gulf Arab oil producers are cutting production as they run out of storage space because they can't export through the Strait of Hormuz
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The price of crude oil briefly neared $120 a barrel Monday as Iran named Mojtaba Khamenei the supreme leader and then launched new attacks at Israel and Gulf states.
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As turmoil continues in the Middle East, the price of crude oil rose to more than $100 a barrel on Monday.
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World shares tumbled on Monday, with Japan's benchmark Nikkei 225 index plunging more than 5%, after oil prices spiked at nearly $120 a barrel.
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Oil continued its recent surge Sunday, hitting $100 per barrel for the first time since July 2022 as the ripple effects from the U.S. war on Iran continued to hit global markets.
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