Kuwait Oil Exports Halted by Iran War

Kuwait has stopped exporting nearly 2 million barrels of crude oil per day after the Strait of Hormuz closed due to the Iran war [1]. Rigs are standing still and loading berths are empty, depriving the global market of roughly 2% of its daily needs [1].

The closure of the strait, which typically handles about 20% of the world's oil trade, has effectively landlocked Kuwait [2]. The country must now truck almost all food and water for its 5 million residents from Saudi Arabia at six times the cost of shipping, while Iranian drones and missiles have badly damaged energy infrastructure, including a strike on the state oil company’s headquarters in April [1].

This disruption has driven Brent crude prices up to roughly $82 per barrel, with forecasts