Middle East tensions push Kuwaiti oil above $118 per barrel

The price of Kuwaiti crude has surged above $118 per barrel, reflecting escalating tensions in the Middle East and disruptions to global energy flows.

According to the Kuwait News Agency, the price of a barrel of Kuwaiti oil rose by $8.10, reaching $118.93.

The increase comes amid a broader upward trend in global oil prices that began following the outbreak of conflict involving the United States and Israel against Iran.

The report links the price surge to severe disruptions in maritime traffic through the Strait of Hormuz, where transit has nearly stopped due to attacks or threats of attacks attributed to Iran.

The strait is one of the world’s most critical energy chokepoints, with approximately one-fifth of global energy exports passing through it, making any disruption a major driver of volatility in oil and gas markets.

By Tamilla Hasanova