Oil prices continued their ascent amid supply disruptions in the Middle East caused by conflict involving Iran. The price of Brent crude futures, the international benchmark, briefly exceeded $90 per barrel during early Friday trading before settling slightly below that level.

This recent surge in Brent crude is anticipated to result in the global oil benchmark's most significant weekly gain since 2020. Following attacks on Iran by the US and Israel, Brent crude prices have skyrocketed by more than 20% this week.

Concurrently, Kuwait has begun reducing output at some of its oil fields due to a lack of sufficient storage capacity for a surplus of crude. This action signals the emergence of a broader storage crisis, introducing new risks to global markets.

On Thursday, the US Energy Secretary sought to alleviate concerns about gasoline prices, predicting that the conflict could conclude within the coming weeks.