Oil Soars on Trump’s Expectation of Saudi–Russia Production Cut Deal

In this file photo, the Marathon Refinery is seen in Carson, Calif., on March 9, 2020. A foul odor was investigated in the city of Carson in October 2021, but the South Coast Air Management District found that oil refineries and other nearby facilities were not the source. David McNew/AFP via Getty Images

Oil prices soared on April 2 after President Donald Trump said Russia and Saudi Arabia may soon reach an agreement on cutting oil production.

Trump said so after speaking with Crown Prince Mohammed bin Salman, the de facto ruler of Saudi Arabia.