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Squawk Box anchors discuss the overnight jump in oil prices following Opec and its allies’ joint decision to continue with further output cuts this year. Russian energy minister Alexander Novak tells CNBC the world’s top energy producers will continue to cooperate. President Trump says any conflict would be the “official end” of Iran, while Saudi Arabian oil minister Khalid Al-Falih warns the kingdom’s oil infrastructure is under threat from sabotage. Meanwhile, Huawei suppliers’ shares fall sharply following reports Google will restrict its business with the Chinese tech company, by stopping to supply the smartphone maker with key services. In Australia, equity markets soar to an 11-year high following incumbent’s Scott Morrison’s surprise election victory. And, Ryanair’s chief financial officer tells the team pricing will remain soft as the airline posts its weakest annual profit in 4 years.