CNBC: Oil surges above $100 a barrel; Trump says ‘small price to pay’ for defeating Iran

  • 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.

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