Kuwait has started cutting production at some oil fields after running out of room to store its bottled-up crude, according to WSJ citing sources; A decision on those broader cutbacks is expected within days

• Saudi Arabia and UAE are nearing limits of storage facilities as well.

Kuwait's decision to cut oil production due to storage limitations signals potential supply constraints in the market, particularly as Saudi Arabia and UAE face similar challenges. This could lead to increased prices for WTI and Brent crude if broader cutbacks are implemented, especially given the current geopolitical climate. Traders should watch for a confirmation of these decisions, as they may impact the oil supply landscape significantly.