Kuwaiti oil surges to $163 amid regional tensions

2026-03-24 - 07:43

Kuwaiti crude prices jumped sharply on Monday, with a barrel reaching $163.08, up $6.58 from last Friday’s $156.50, the Kuwait Petroleum Corporation reported. The surge comes as global oil markets continue to react to ongoing regional instability and disruptions in supply routes, particularly the Strait of Hormuz, a critical channel for Middle Eastern energy exports. International benchmarks also recorded gains. Brent crude futures climbed $2.40 to $108.81 per barrel, while U.S. West Texas Intermediate (WTI) rose 64 cents, reaching $98.96 per barrel. Analysts attribute the upward pressure to both supply concerns and heightened geopolitical risks affecting Gulf oil flows, reports Al-Rai daily. The rise in Kuwaiti crude reflects the growing premium for security-sensitive oil sources, as investors factor in the potential impact of regional hostilities on production and transport.