🚨 BREAKING:
🇰🇼 Kuwait has cut oil and refinery output as shipping slows through the Strait of Hormuz, citing rising security risks and Iran’s threats to vessels in the region.
Kuwait Petroleum Corporation said the move is a precautionary measure to manage risk and maintain operations as tanker traffic through the critical oil chokepoint declines.
The disruption adds to growing pressure on global energy markets, with Brent crude already surging above $90 per barrel as Middle East tensions threaten supplies.
The Strait of Hormuz normally carries about 20% of the world’s oil supply, meaning any slowdown in traffic could have major global economic consequences.
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