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Wed 29 Feb 2012 04:45 PM

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Kuwait says "problems in Gulf", speculation driving oil prices

Regional tensions with Iran major factor

Kuwait says "problems in Gulf", speculation driving oil prices
Salamah hopes "good reasoning" will prevail (AFP/Getty Images)

Kuwait’s Oil Minister Hani Hussein said “problems in the Gulf” and speculation in crude markets are key factors affecting current prices.

Kuwait shares international concerns that Iran might disrupt shipping in the Strait of Hormuz, a vital waterway at the mouth of the Persian Gulf for Kuwaiti exports, he said today in an interview.

“We are confident that good reasoning will prevail and that everybody will do what is in the interest of the region and the world,” he said. Kuwait will abide by what OPEC says is a fair price for oil, Hussein said.

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