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.