Surging oil prices could again frustrate inflation fight

Crude prices surged in early trading Monday after a surprise announcement by Saudi Arabia and other major oil produces to slash output by more than a million barrels a day. The move is all but certain to send gas prices higher, adding another wrinkle to broader efforts to rein in inflation.

West Texas Intermediate crude, the U.S. benchmark, jumped more than 6 percent, to $80.40 a barrel. Brent crude, the global benchmark, climbed around 6 percent to $84.68. Shares in leading energy companies jumped on the news, with ExxonMobil popping 5.4 percent and Chevron adding 3.7 percent.