Kuwait Petroleum Corp. has declared force majeure on crude and refined product shipments due to the blockade of the Strait of Hormuz. The move comes as vessels are unable to enter the Persian Gulf to fulfill delivery obligations.
- Force majeure declared by Kuwait Petroleum Corp.
- Blockade of Strait of Hormuz cited as the primary cause
- Contractual obligations for crude and refined products suspended
- Vessels currently unable to enter the Persian Gulf
- High probability of extreme global oil price volatility
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