Oil prices skyrocketed on Thursday after President Donald Trump told CNBC Saudis and Russia will ease pressure on oil, ending a price war that has contributed to crude’s massive plunge.
West Texas Intermediate crude futures surged 24.4%, or $4.99 to trade at $25.30 per barrel. Earlier in the session WTI traded as high as $27.39. International benchmark Brent crude jumped 22%, or $5.46, to trade at $30.21 per barrel.