The price of Kuwaiti crude oil dropped by $0.74 to reach $74.66 per barrel in yesterday’s trading, down from $75.40 in the previous day’s trading, according to the price announced by the Kuwait Petroleum Corporation.
In global markets, Brent crude futures increased by $3.72, settling at $77.62 per barrel, while U.S. West Texas Intermediate (WTI) crude rose by $3.61, reaching $73.71 per barrel.
Oil prices registered gains for the third consecutive day during yesterday’s trading due to investor concerns over escalating tensions in the Middle East, which could potentially disrupt oil supplies from the region. However, markets experienced some calm as events continued to be closely monitored.
It is worth noting that the Middle East accounts for about one-third of the global crude oil supply. Investors are particularly worried that the recent escalation could impact supply flows if energy facilities are attacked or supply routes, especially the Strait of Hormuz, which is a key logistical point for around one-f
ifth of daily oil supplies, are shut down.
Source: Qatar News Agency