Kuwait announces that oil transportation is affected by force majeure due to blocked navigation in the Strait of Hormuz.

Kuwait Petroleum Corporation announced that due to the blockade of the Strait of Hormuz, which prevents ships from entering the Persian Gulf, it is unable to fulfill its supply obligations to customers, and therefore has decided to take force majeure measures for the transportation of crude oil and refined products. Kuwait Petroleum Corporation informed customers on Friday that it is acting in accordance with contract terms, allowing suppliers to delay deliveries. However, sources familiar with the matter indicate that this does not necessarily mean that the supply will be completely interrupted.