Mubasher: The price of Kuwait’s crude oil increased by 34 cents to settle at $71.70 per barrel (pb) on Tuesday compared to $71.36 pb on Monday, according to the latest data by the Kuwait Petroleum Corporation (KPC).

At the global level, oil prices rose by more than 3%, as Nymex crude oil registered its highest level in more than a month.

The US crude oil increased in line with reports saying the US has asked the companies to stop purchasing crude oil from Iran by 4 November, otherwise, the companies will face sanctions.