Oil rallies on Gulf tensions and output cuts

• Oil rose on Thursday, spurred by rising tensions in the Middle East, output cuts by producing nations to tackle oversupply and the promise of more government stimulus to ease the economic pain of the new coronavirus pandemic.
• Brent crude was up $1.53, 7.5%, at $21.90 a barrel by 0822 GMT. U.S. crude rose $1.53, or 11.1%, at $15.31 a barrel.
• The rally on Thursday followed an announcement from President Donald Trump he had instructed the U.S. Navy to fire on any Iranian ships that harass it in the Gulf, although he added later he was not changing the military’s rules of engagement.

(Source: CNBC)