Global Oil Prices Surge After Biden Fails to Secure Oil Output Deal with Saudi Arabia

Oil prices jumped by several percentage points on Monday after Joe Biden returned from his Saudi Arabia trip without getting firm assurances from Arab allies to boost crude supplies amid a severe shortage caused by sanctions on Russia. All major benchmarks were higher on Monday morning, with Brent crude, a benchmark for purchases on global financial markets, rising more than four percent to $105 per barrel, bringing the prices back to above $100 after several months. On the second leg of his maiden West Asia tour, Biden joined leaders of several OPEC countries in the Saudi port city of Jeddah…