Brent crude oil breaks above $90 per barrel for the first time since April 2024, gaining a total of 23% this week.

Concerns over supply disruptions and rising shipping costs continue to drive oil prices higher, with Brent crude futures reaching $90 per barrel, surging 5.3% intraday and hitting a new high since April 2024. The global benchmark Brent crude has gained a total of 23% this week. WTI crude oil rose by 7.0% intraday to $87.02 per barrel. Reports indicate that Kuwait has cut oil production from some of its oil fields.

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