Kuwaiti oil price drops $3.26; global crude futures see gains amid tariff suspension

Kuwaiti oil prices dropped by $3.26, settling at $64.33 per barrel on Wednesday, compared to $67.59 the previous day, according to the Kuwait Petroleum Corporation.

In contrast, global markets saw Brent crude futures rise by $2.66 to $65.48 per barrel, and US West Texas Intermediate crude futures increased by $2.77 to $62.35 per barrel.

The rise in oil prices follows a 4% gain triggered by US President Donald Trump’s announcement of a 90-day suspension of reciprocal tariffs on all countries except China, where tariffs were raised to 125%.

Trump revealed the tariff suspension on his Truth Social platform, stating that the 10% temporary reduction would be effective immediately, except for China.