'No substitute': Kuwait's future tied to Hormuz strait fate

Kuwait's oil exports have plummeted due to the ongoing war and Strait of Hormuz closure. The nation faces its biggest crisis since the 1990 invasion, impacting its economy significantly. Kuwait Petroleum Corporation declared force majeure after drone strikes hit its headquarters. The country's economy contracted by 4.6 percent in the first quarter of 2026. Restoring oil production hinges on the safe reopening of the vital shipping lane.