The price of oil surged to more than $100 a barrel on Monday after President Biden left Soddy Arabia...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face...
over the weekend without winning a commitment from the kingdom to boost output.
Brent crude, the international benchmark, rose by nearly 2.5% to around $103.50 early Monday while West Texas Intermediate, the US benchmark, also spiked nearly 2% to more than $99 a barrel.
The prices shot up on Monday following comments by Saudi Foreign Minister Prince Faisal bin Farhan Al Saud, who said the topic of OPEC+ boosting oil supply wasn’t even raised during a summit meeting between Biden and other Arab leaders.
"Traders got one clear message from Biden’s recent visit to Saudi Arabia, during which President Biden spoke to a number of Arab leaders," market analyst Naeem Aslam told the Guardian.
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