kuwait crude price rises

Price of Kuwaiti crude oil increased USD 87 cents to USD 112.82 per barrel on Monday compared to USD 111.95 pb on Friday, Kuwait Petroleum Corporation said in a statement on Tuesday. The price rise of the Kuwaiti crude coincided with mounting fears, resulting from threats by Iran to shut the strategic Hormuz strait through which a third of the world\'s supplies of crude oil passes. Its possible closure is forecast to result in soaring prices of the crude oil.