Kuwaiti oil exceeded $118 per barrel

The state news agency of Kuwait, KUNA, has reported a dramatic surge in the price of Kuwaiti oil, which has jumped by $8.10 to reach $118.93 per barrel. This sharp increase, cited by Al Jazeera on Saturday (March 28), is a direct consequence of the escalating conflict between Iran and the U.S.-Israeli forces, particularly the growing instability in the Strait of Hormuz. As one-fifth of the world's total energy exports pass through this critical maritime chokepoint, the current disruptions and security threats have severely impacted global supply chains. Financial experts warn that such a rapid rise in prices from major producers like Kuwait could lead to a significant global energy crisis and adverse economic consequences worldwide.