The price of Kuwaiti crude oil has risen sharply, exceeding $118 per barrel, according to Kuwait’s state news agency KUNA. The report said the price increased by $8.10 to reach $118.93 per barrel. The surge is linked to the ongoing war involving Iran, Israel, and the United States, which has disrupted global energy markets.

Tensions in the region have severely affected oil transport through the Strait of Hormuz, where Iranian attacks or threats have nearly halted tanker movements. This strait handles about one-fifth of global energy exports, making its disruption a critical factor in the recent price spike.

The conflict has destabilized supply chains and heightened fears of a global energy crisis as the Strait of Hormuz becomes increasingly insecure, raising concerns about further economic strain worldwide.