Brent crude oil futures surged 13% to around $105 a barrel on Monday, after earlier rallying by as much as 29% amid production cuts from major Middle Eastern producers following disruptions in the Strait of Hormuz. With tanker traffic heavily restricted and exports backing up, several major producers have begun curbing output as storage facilities rapidly fill. Saudi Arabia has reportedly started cutting production, joining the United Arab Emirates, Kuwait and Iraq in reducing supply. The disruption has intensified concerns about global energy shortages and inflation pressures. Prices briefly approached $120 before retreating as leading economies from the Group of Seven considered releasing emergency oil reserves to calm markets. Meanwhile, Iran has selected the son of the late Ayatollah Ali Khamenei as its new Supreme Leader.

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