Oil jumps nearly 4% on possible OPEC+ supply tightening | Reuters

Oil jumps nearly 4% on possible OPEC+ supply tightening | Reuters

Oil prices surged by nearly 4% on Tuesday after Saudi Arabia floated the idea of OPEC+ output cuts to support prices in the case of returning Iranian crude and with the prospect of a drop in U.S. inventories.

The Saudi energy minister said OPEC+ had the means to deal with challenges including cutting production, state news agency SPA said on Monday, citing comments Abdulaziz bin Salman made to Bloomberg. read more

Global benchmark Brent crude settled at$100.22 a barrel, up $3.74, or 3.9%. U.S. West Texas Intermediate crude closed $3.38, or 3.7%, higher at $93.74 a barrel.

Brent settled at its highest price since Aug. 2 and WTI logged its strongest settlement since Aug. 11.