Oil drops 31 percent in worst loss since Gulf War as price fight erupts

The oil price plunged following the collapse of the OPEC+ alliance, which triggered an all-out price war between Russia and Saudi Arabia that is likely to have a large-scale political and economic impact.

Saudi-Arabian Energy Minister Prince Abdulaziz bin Salman Al Saud (left) and his Russian colleague Alexander Novak were unable to reach agreement on a new production cap at the weekend's OPEC meeting. Photo: Leonhard Foeger/REUTERS / X00360

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