Iran's Aggression Holds Global Economy Hostage Amid Worst Oil Disruption in History

Kuwait Petroleum Corporation's CEO Sheikh Nawaf Saud Al-Sabah expressed outrage and frustration at the recent Iranian missile and drone attacks on infrastructure in the Middle East Gulf. The attacks have led to a significant disruption in global oil supplies, with analysts calling it the worst in history.

The Strait of Hormuz, which handles around 20% of the world's oil consumption, has been effectively closed due to the attacks. Kuwait and its neighbors, Saudi Arabia, the United Arab Emirates, and Iraq, have had to cut millions of barrels of crude production. The CEO stated that there is no substitute for exports through the Strait of Hormuz.

The measures taken by countries such as releasing oil from global strategic stockpiles and granting waivers to sanctions on some Russian and Iranian crude exports are 'not even a drop in the proverbial barrel' compared to normal oil flows. Even if the war were to end today, it would take Kuwait three to four months to return output to full production levels.

The CEO warned that the rising cost of fertilizer due to the supply chain disruptions will lead to hunger and strife around the world as food prices rise.