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Story summary
- The near-closure of the Strait of Hormuz has forced UAE and Kuwait to cut oil production, lifting prices toward $93, a trend that U.S. President Donald Trump expects to reverse.
- Kuwait has cut production by about 100,000 barrels per day and plans further reductions.
- Qatar's Energy Minister warned that prices could reach $150 per barrel if the strait remains closed.
- Vessel traffic through the strait has drastically decreased to two ships passing recently.
