Kuwait declares force majeure after Hormuz closure

Kuwait Petroleum Corporation (KPC) has declared force majeure on all crude oil and refined product shipments, citing Iran's blockade of the Strait of Hormuz which has made exports impossible. KPC CEO Sheikh Nawaf al-Sabah called the situation "beyond catastrophic" and warned it will trigger a domino effect across the global economy. The declaration comes as shipping traffic through the critical chokepoint remains at a virtual standstill, with only two vessels passing through in the past 24 hours. This represents a significant escalation in the economic impact of Iran's blockade, which has already disrupted global energy markets.