Oil prices are rising on news that Saudi Arabia will do “whatever it takes” to support oil.

The price of oil futures soared on Wednesday after Saudi Arabia’s energy minister said the country would do what it takes to support the market.

Several news agencies reported the comments made by Saudi Energy Minister Prince Abdulaziz during an OPEC+ Seminar. This follows Saudi Arabia’s Monday announcement that it will extend its voluntary production cuts by another month to August.

Tensions…