Crude oil futures continued to surge over the weekend as escalations in the Middle East are curbing production. April WTI crude oil rose more than $18 a barrel Sunday evening, nearly touching $110 a barrel. Prices cooled significantly from their overnight highs as market exuberance died down.

Bloomberg reported that Kuwait and the United Arab Emirates have started to reduce oil production due to the closure of the Strait of Hormuz. The narrow waterway accounts for about a fifth of the world’s oil exports. Iraq had already begun reducing output last week.

President Trump indicated the U.S. will consider striking areas and groups of people in Iran that were not previously considered targets. The president said the surge in oil and gas prices is a “very small price to pay” for destroying Iran’s nuclear projects.

WTI crude oil futures have surged about 60 percent since the conflict broke out over a week ago. Heating oil prices have risen a similar percentage during the same period, translating to higher retail prices at the pump.

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