Khaberni - Kuwait and the Sultanate of Oman have raised their crude oil prices as oil prices surge in global markets amid escalating tensions in the Middle East and their direct impact on energy supplies.
The price of Kuwaiti oil per barrel increased by $15.44 to reach $132.68 per barrel, according to official data released by the Kuwait Petroleum Corporation. Meanwhile, the official price of Omani crude for May delivery increased by $9.61 to reach $144.36 per barrel.
The benchmark Dubai crude also jumped to over $50 per barrel, the highest level in eight years, following Iran's escalation of attacks on oil and transport facilities in the region.
The Strait of Hormuz is a vital artery for global oil supplies, as a large part of Arab oil passes through it to international markets, making any security tensions in the region have a direct impact on the movement of markets and energy prices around the world.
