Oil Crosses $90 Mark For The First Time In More Than 2 Years Amid U.S.-Israel-Iran War

West Texas Intermediate added more than 13% and was on track for the biggest weekly percentage gain in at least two decades, according to Bloomberg.

• Global benchmark Brent surged more than 9% to trade above $93 a barrel at the time of writing. 
• Kuwait has reportedly begun cutting production at some of its oil fields after running out of room to store its already bottled-up crude. 
• Shares of Indonesia Energy Corp (INDO), Battalion Oil Corp continued their rally on Friday helped by rise in oil prices. 

U.S. oil futures rallied above $90 per barrel for the first time since Oct. 2023 as the U.S.-Israel-Iran war has upended oil supplies after the critical shipping route of the Strait of Hormuz came to a near-halt. 

West Texas Intermediate added more than 13% on Friday and was on track for the biggest weekly percentage gain in at least two decades, according to Bloomberg. Global benchmark Brent surged more than 9% to trade above $93 a barrel at the time of writing. 

Cut In Oil Production

Kuwait has reportedly begun cutting production at some of its oil fields after running out of room to store its already bottled-up crude. 

Kuwait, the ​founding member of ​the Organization of the Petroleum ‌Exporting ⁠Countries (OPEC) is cutting production, ​to ⁠just what it needs to ​cover domestic ​consumption, ⁠ the Wall Street ⁠Journal reported on ​Friday, citing people ​familiar with the matter.

The production cut puts pressure not only on oil supplies but also on supplies of liquefied natural gas as Kuwait is among the top three producers in the world. 

Oil Stocks

Shares of Indonesia Energy Corp (INDO) and Battalion Oil Corp (BATL) continued their rally on Friday and were up 11% and 22% respectively at the time of writing. 

The United States Oil Fund (USO) was also up 13%.

Meanwhile, U.S. equities continued their downturn on Friday. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was down 1.04%, the Invesco QQQ Trust ETF (QQQ) fell 0.9%, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) slumped 1.14%. 

Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘neutral’ territory at the time of writing amid ‘high’ message volume. 

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