Oil hits $90 per barrel, stocks continue to drop amid Iran war
NBC News • • business
Key Points:
- Oil prices surged sharply on Friday, with U.S. crude rising over 11% to above $90 per barrel, marking the highest level since October 2023, amid escalating conflict in Iran threatening global energy supplies.
- Brent crude also exceeded $90 per barrel, jumping more than 8% to its highest price since April 2024, driven by concerns over long-term supply disruptions due to the Iran war.
- Reports indicated Kuwait has started cutting oil production due to storage capacity limits, while Iraq has reduced output by 1.5 million barrels per day, and further disruptions could total 4 million barrels daily if tensions persist.
- The conflict has caused significant operational disruptions, including halted commercial traffic through the Strait of Horm
