Mubasher: The price of Kuwait’s crude oil increased by 23 cents to settle at $71 per barrel (pb) on Tuesday compared to $70.77 pb on Monday, according to the latest data by the Kuwait Petroleum Corporation (KPC).

At the global level, oil prices increased in line with the possibility of a reduction in oil supply as a result of the tension between the US and Iran.

The US has warned companies from purchasing Iran’s crude oil by 4 November, otherwise, sanctions will be imposed.