Iraq's central government and officials from the semi-autonomous Kurdish region reached a final deal Tuesday to resume oil exports from northern Iraq via a pipeline to Turkey.

Iraqi Prime Minister Mohammed Shia al-Sudani and Masrour Barzani, prime minister of the semi-autonomous Kurdish region, announced the deal at a press conference in Baghdad.

Major oil-producing countries led by Saudi Arabia said they're cutting supplies of crude — again. This time, the decision was a surprise and is underlining worries about where the global economy might be headed.

Russia is joining in by extending its own cuts for the rest of the year. In theory, less oil flowing to refineries should mean higher gasoline prices for drivers and could boost the inflation hitting the U.S. and Europe. And that may also help Russia weather Western sanctions over its invasion of Ukraine at the expense of the U.S.

Business sentiment among big Japanese manufacturers worsened in the first quarter of this year in the fifth straight decline, according to a central bank survey released Monday.

The headline measure in the Bank of Japan quarterly survey called "tankan" found such sentiments stood at plus 1, down from plus 7 in December. It's the worst quarterly result since December 2020.

The Swiss attorney general's office says it has opened a probe into the events surrounding embattled bank Credit Suisse, which is to be taken over by rival UBS.

Switzerland's government and financial regulators helped engineer the hastily arranged, $3.25 billion agreement that was aimed in part to help calm worries about the global financial system and will leave the country with a single huge global bank.

Teachers in England rejected the government's latest pay offer on Monday, raising the specter of more strikes and further disruptions for parents and children as double-digit inflation sparks labor unrest across the country.

News that teachers had voted to reject the offer came as U.K. passport workers kicked off a five-week strike that threatens to cause headaches for travelers ahead of the summer holiday season.

Oil prices soared more than 5% on Monday after Saudi Arabia and other major oil producers said they will cut production by 1.15 million barrels per day from May until the end of the year. Shares in Asia were mixed.

U.S. benchmark crude oil rose $3.91 to $79.58 per barrel, or 5.1%, in electronic trading on the New York Mercantile Exchange. It rose $1.30 to $75.67 per barrel on Friday, ahead of the weekend meeting where members of the so-called OPEC+ group of oil exporting countries decided on the cuts, which are in addition to a reduction announced last October that infuriated the Biden administration.

Saudi Arabia and other major oil producers on Sunday announced surprise cuts totaling up to 1.15 million barrels per day from May until the end of the year, a move that could raise prices worldwide.

Higher oil prices would help fill Russian President Vladimir Putin's coffers as his country wages war on Ukraine and force Americans and others to pay even more at the pump amid worldwide inflation.

A European Union official visiting Lebanon said Friday that the international body will increase its humanitarian assistance to the crisis-struck country, but that more significant long-term aid depends on reforms and a deal with the International Monetary Fund.

EU Commissioner for Crisis Management Janez Lenarčič said at a press conference following his two-day visit that the EU will provide 60 million euros (more than $65 million) in humanitarian assistance to Lebanon in 2023, a 20% increase from last year.

Global stocks and Wall Street futures rose Friday ahead of a United States inflation update that traders hope might prompt the Federal Reserve to ease plans for more interest rate hikes.

London and Frankfurt opened higher. Shanghai and Tokyo advanced. Oil prices declined.

Egypt's Central Bank said it has raised interest rates as the embattled Middle Eastern country continues to battle surging inflation and a depreciating currency.

In an online statement, the bank's monetary policy committee said the most basic lending rate, the overnight deposit rate, has increased from 16.25% to 18.25%.