Will crude hit US$100 with Opec+ output status quo amid the energy crunch?

IT was all the fuel crude prices needed to soar on Tuesday after the oil cartel decided to stick with the output status quo and not raise production amid a growing energy crunch and surprised most pundits.

The latest development leaves the near-term outlook vulnerable to an outsized rise in energy prices, deemed TD Securities in a note.

As expected, crude prices surged with Brent, the global benchmark, breaking past the US$81 a barrel mark to a three-year high on Tuesday's morning session in Asia on news that Opec+ (an alliance between the Organization of the Petroleum Exporting Countries and other key oil producers such as Russia) has decided to keep the supply tight.