Iran war pushes oil price above $90, threatening rise in global inflation

Reports Kuwait was cutting output pushed up cost of barrel of Brent crude to highest weekly gain since Covid pandemic began

The Iran conflict has driven the oil price past $90 a barrel to its highest weekly gains since the Covid-19 pandemic six years ago, threatening a fresh rise in global inflation.

Reports that Kuwait had begun cutting production of oil at some fields after running out of space to store it drove the cost of a barrel of Brent crude to as high as $91.89 at one point on Friday - its highest since April 2024 and up from about $72.50 just before war broke out.