Brent Surges Past $90 as Kuwait Curbs Oil Output Amid Storage Crunch: WSJ

• Brent crude surged past $90 per barrel after Kuwait began curbing oil output.
• Kuwait is reducing production at some fields due to exhausted crude storage capacity, as reported by WSJ.
• Broader cuts, limiting production and refining to domestic consumption, are under consideration.
• The Iran conflict and paralyzed Strait of Hormuz have intensified storage pressure on Gulf producers.
• Saudi Arabia and UAE storage facilities are also rapidly filling, potentially reaching capacity in weeks.