Higher oil prices will lead to more inflation, says Moody's Mark Zandi Crude oil prices surged above $100 per barrel on Sunday, after major Middle East producers cut output because the critical Strait of Hormuz remains closed due to the Iran war.

(Bloomberg) -- Kuwait, OPEC's fifth-biggest producer, reduced oil and refinery production following the near-halt of shipping traffic through the Strait of Hormuz, the latest in a string of output reductions hitting some of the world's biggest energy producers.