Kuwait city: The Kuwaiti oil price has surged, reaching more than $118 per barrel.

According to National News Agency – Lebanon, the Kuwaiti news agency KUNA reported that the price of a barrel of Kuwaiti oil increased by $8.10, bringing it to $118.93.

The rise in oil prices has been attributed to the ongoing US-Israeli war on Iran. This conflict has significantly impacted traffic through the Strait of Hormuz, a critical waterway where nearly a fifth of global energy exports are transported. The near halt of traffic is due to actual and threatened attacks by Iran, which has caused disruptions in the supply chain for global gas and oil supplies.