Oil prices are surging after OPEC+ unexpectedly announced it was slashing output by 1.16 million barrels per day. This is fueling new fears of higher consumer prices, as central banks are hoping to reverse inflationary trends. The move comes just after Russia decides to cut oil production by 500,000 barrels per day until the end of the year. International benchmark Brent futures have jumped 5% to $84 a barrel, and US benchmark WTI is trading at nearly $80 a barrel. In March, oil tumbled to its lowest level since December 2021 amid a banking rout.

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