Kuwait oil price rises above $118 amid Hormuz tensions

Kuwait oil price rises above 118 amid Hormuz tensions The price of Kuwaiti oil rose to more than 118 per barrel, the state news agency KUNA reported, amid ongoing disruptions to energy flows in the region. The report said the price increased by 8.10 to reach 118.93 per barrel. Oil prices have been climbing since the start of the US-Israeli conflict involving Iran, as traffic through the Strait of Hormuz has slowed due to attacks and threats of further escalation. Roughly one-fifth of global energy exports passes through the waterway, making it a critical choke point for global oil and gas supplies.