Mubasher: The price of Kuwait’s crude oil increased by 40 cents to settle at $83.01 per barrel (pb) on Wednesday compared to $82.61 pb on Tuesday, according to the latest data by the Kuwait Petroleum Corporation (KPC).

At the global level, oil prices registered a rise to the highest level in four years, in line with Nymex crude exceeding $76 pb.

The US announced terminating the amity treaty that was signed in 1955 with Iran.