Oil Gains as Kuwait Cuts Output Amid Hormuz Blockade; Qatar Clarifies $150 Target

Oil prices maintained their upward momentum as the energy crisis shifted from verbal warnings to physical supply disruptions. Qatar’s Energy Minister clarified that his $150 per barrel price target is contingent on the Strait of Hormuz remaining closed for a period of two to three weeks. Simultaneously, Kuwait has begun shutting in production at several oil fields due to a critical lack of available storage capacity. This storage crunch is a direct consequence of the total standstill of tanker traffic through the strategic waterway. The move by the founding OPEC member highlights the immediate impact of the blockade on regional logistics and global supply chains. Market participants are now bracing for prolonged volatility as the physical constraints on production and transport become more evident.