Kuwaiti oil chief warns: Iran is holding the world economy hostage.

The CEO of Kuwait Petroleum Corporation, Sheikh Nawaf Al-Sabah, warned that releasing emergency crude oil from strategic reserves is not enough to soothe the global energy market crisis triggered by the Iran war. The damage caused by the conflict will be extreme and long-lasting. Once the Strait of Hormuz reopens, it will take three to four months for the oil production that was halted or reduced due to the blockade to fully recover. The attacks have led to a sharp drop in Kuwait's oil production, which currently only meets the demand of domestic refineries. The executive announced that there is no alternative to the Strait of Hormuz for Kuwait and some Gulf oil-producing countries in terms of transporting crude oil, fuel, and other products.