oil markets

The global benchmark topped $115 briefly on Wednesday, just days after it crossed the triple-digit mark for the first time in seven years.

Saudi Arabia's state-backed oil company earned $49 billion last year as the pandemic slashed fuel demand around the globe, in what its CEO called "one of the most challenging years in history."

The group had been expected to delay production increases for several months, given the ongoing impact of the coronavirus pandemic. But after days of deliberations it agreed on a small increase.

Marathon video chats led to a record-setting 9.7 million barrels per day in cuts. But analysts say that's not a big enough drop to balance oil markets, given the total collapse in demand for crude.

The supply of oil has surged as the coronavirus pandemic has destroyed demand. Prices have plummeted and analysts are starting to ask if the world will have enough space to store all the extra oil.

Houthi rebels in Yemen have claimed responsibility for the attacks, but Secretary of State Mike Pompeo accused Iran of launching an "unprecedented attack on the world's energy supply."