economy
Iran strikes Kuwait’s oil infrastructure before Opec+ supply talks
Members reportedly agree a rise of 206,000 barrels a day in May, but move symbolic while strait of Hormuz is effectively closed
TL;DR
- Iranian drones attacked Kuwait's oil infrastructure, causing severe material damage.
- The attacks occurred before Opec+ members met to discuss increasing oil output.
- Kuwait Petroleum Corporation reported fires and damage at its subsidiaries.
- Iran also claimed responsibility for attacks on the UAE and Bahrain.
- US President Donald Trump rejected an ultimatum from Iran regarding a peace deal.
- An Israeli attack on Iran's petrochemical plants reportedly killed at least five people.
- The drone attacks are part of ongoing disruptions to Middle Eastern oil infrastructure since the start of the US-Israel war on Iran.
- Opec+ members are reportedly discussing raising output by 206,000 barrels a day in May.
- The Strait of Hormuz, through which about 20% of the world's crude oil passes, is effectively blocked by Iran.
- The conflict has caused the largest disruption to oil supplies in history, with Brent crude prices soaring.
- Energy costs for consumers have increased in the UK and US.