Kuwait and Saudi Arabia are reportedly mapping out alternative oil export routes, in the event Iran cuts off major oil shipping lines if its nuclear facilities were attacked, The Media Line reported last night.
Iran has warned that any foreign attack will be met with obstruction of the strategic Strait of Hormuz in the Gulf.
'There are plans to export Kuwaiti crude in co-operation with the GCC, but they are not finalised yet,' head of state oil company Kuwait Petroleum Corp Saad Al Shuwaib said.
'If any military tensions occurred oil will reach $200 per barrel,' said Al Shuwaib.