Mubasher: The price of Kuwaiti oil surged by $1.64 per barrel (pb) on Thursday, according to the Kuwait Petroleum Corporation (KPC).

Kuwaiti crude registered $75.06 per barrel (pb) yesterday, compared to $73.42 pb on the day before.

In global markets, Brent crude went up to $79.30 pb after exceeding the $80-level for the first time since November 2014, while Nymex futures settled near $71.49 pb.