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Economy
Kuwaiti crude oil surged $8.10 to close at $118.93 per barrel on Friday, marking one of its steepest recent price jumps, according to Kuwait Petroleum Corporation. The increase mirrored global gains, with Brent crude rising $4.56 to $112.57 and US WTI climbing $5.16 to $99.64 per barrel. The spike reflects heightened volatility driven by fears of an expanding regional conflict and potential supply disruptions through the Strait of Hormuz. That narrow waterway carries about one-fifth of global oil supplies and the bulk of Gulf exports to Asia and Europe, meaning any security threat there directly impacts global markets and energy prices.
Kuwaiti crude oil recorded a notable rise of $8.10, settling at $118.93 per barrel at the close of Friday's trading session.
Kuwait Petroleum Corporation announced in its official price that this jump is one of the most significant price movements seen by Kuwaiti crude in recent times.
On the global oil market front, gains were spread across major crude benchmarks, with Brent crude futures rising $4.56 to $112.57 per barrel, while US West Texas Intermediate (WTI) climbed $5.16 to $99.64 per barrel.
This rise comes amid sharp volatility in oil markets, with growing fears of an expanding regional conflict and the possibility of supply disruptions through the Strait of Hormuz — through which around one-fifth of global oil supplies pass, along with the bulk of Gulf state exports to Asian and European markets.
This immense strategic weight means that any security disruption in its vicinity directly impacts global market movements and energy price levels.
