OPEC, the Organization of the Petroleum Exporting Countries, signaled it will extend output cuts by 1.2 million barrels per day (bpd) for six months, even as tensions in the Middle East flare up.

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The combination, which developed over the weekend, is boosting global oil prices.

“OPEC came out and said ‘we’re staying the course,’ oil prices started to spike up,” Price Futures Group senior analyst Phil Flynn told FOX Business’ Neil Cavuto on Monday. “There are increasing tensions with Iran and the United States, all very bullish for oil.”

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