Singapore, March 09 (QNA) - Crude oil prices rose above $100 a barrel on Monday in early Asian trading after major Middle Eastern producers cut output because of the repercussions of the conflict in the region.
US crude futures rose by more than 20 percent to $111.24 a barrel amid supply concerns as the US-Israeli war on Iran escalates, while the global benchmark Brent crude jumped by as much as $18.35 to reach $111.04 a barrel.
The last time oil prices exceeded $100 a barrel was after the start of the Russian military operation in Ukraine in 2022.
US crude rose by about 35 percent last week, recording its biggest gains in the history of futures trading since 1983.
On Saturday, Kuwait, the fifth-largest oil producer in the Organization of the Petroleum Exporting Countries, announced precautionary cuts to its oil production and refinery output because of "Iranian threats to the passage of ships through the Strait of Hormuz."
Meanwhile, production in Iraq, OPEC's second-largest oil producer, declined. Output from the three main oil fields in southern Iran also fell by 70 percent to 1.3 million barrels per day.
The United Arab Emirates, OPEC's third-largest oil producer, announced that it was carefully managing offshore production levels to meet storage requirements. (QNA)