The price of Kuwaiti crude oil has seen a noticeable jump, reaching USD 117.24 per barrel on March 12, 2026. The Kuwait Petroleum Corporation reported an increase of USD 4.11 in a single day. This latest update was shared by the official Kuwait News Agency. Global oil markets are currently experiencing heavy volatility due to regional tensions.
Why Are Oil Prices Increasing Suddenly?
Global benchmarks like Brent crude have crossed the USD 100 mark in Asian trading recently. The main reason behind this surge is the ongoing supply disruption and security tension in the Strait of Hormuz. Kuwait had to implement precautionary reductions in its crude production and refining processes. Shipping disruptions also forced the country to declare force majeure on some shipments earlier in March. Officials from Kuwait and neighboring nations warned that if these issues continue, oil prices might climb as high as USD 150 per barrel.
Will Domestic Fuel Prices Rise?
Even though international export prices are rising fast, local residents and expats in Kuwait will not face immediate fuel price hikes. Authorities confirmed that domestic fuel prices remain fixed for the first quarter of 2026. Premium petrol stays at 85 fils per liter to protect the local economy from global market shocks. On an international level, the International Energy Agency is discussing a 400-million-barrel reserve release. This step is being planned to help stabilize the global market and control further price jumps.
