Crude oil prices jumped on Tuesday after an Interfax report that Saudi Arabia and Russia reached an agreement on an oil-production freeze.
West Texas Intermediate crude futures in New York surged by as much as 4% to a year-to-date high of $42.23 per barrel.
The Interfax report cited an anonymous source, and said Saudi Arabia and Russia made the decision whether Iran is in or not.
Bloomberg reported that Kremlin spokesman Dmitry Peskov said in a message that “there is hope” for an agreement regardless of Iran.
Iran had said it would not join a production-cut agreement, as it tries to boost output for export now that economic sanctions have been removed.
A meeting between OPEC and non-OPEC producers will hold in Doha on Sunday, and an agreement could be reached then.
Here’s a chart showing the spike in crude oil on Tuesday: