SYDNEY/LONDON—Oil prices surged on Monday after Saudi Arabia and other OPEC+ producers announced a surprise cut in their output target, a move that rippled through stock markets and boosted the dollar due to reinvigorated fears about the stickiness of global inflation.
Brent oil futures looked set for its biggest daily percentage gain in around a year, jumping 5.3 percent to $84.12 a barrel on news OPEC+ would aim to cut output by around 1.16 million barrels per day. U.S. crude climbed 5.75 percent to $79.99.
