Oil prices soar as output cuts drive surge in market and fuel supply concerns

Oil prices reached their highest level in four months after an attack on a key Russian oil export hub and extended production cuts by Saudi Arabia and Russia. Ukraine launched a naval drone attack on Russia's port of Novorossiysk, disrupting Russian oil exports. Saudi Arabia extended its voluntary crude oil output cut of one million barrels per day until the end of September, while Russia pledged to trim oil exports by 300,000 barrels per day in September. Analysts predict that oil prices will continue to rise due to reduced supply, but there may be volatility in the market.