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Saudi oil premiums hit record as Iranian strikes damage UAE and Kuwaiti plants and disrupt 17% of Qatar LNG
This level remains below the expectations of traders and refineries, which had reached $40 per barrel in an agency survey. Saudi Arabia and the UAE are the only Gulf producers with significant export alternatives that bypass the Hormuz bottleneck. The regional escalation saw Kuwaiti oil facilities suffer “severe material damage” from Iranian drone attacks targeting sites belonging to the Kuwait Petroleum Corporation (KPC). Two days prior, Abu Dhabi halted operations at its Habshan gas facilities, its largest natural gas processing plant, following a fire. While no specific details were provided, the “Ocean Thunder” tanker, carrying 1m barrels of Iraqi crude, crossed the strait on Sunday.
Source: Daily News Egypt April 06, 2026 16:49 UTC
