WELLS FARGO CEO: DON'T THINK PRIVATE CREDIT IS GOING TO CRUMBLE

Kuwait Petroleum Corp. has declared force majeure on shipments of crude oil and refined products as the blockade of the Strait of Hormuz prevents some customers from bringing vessels into the Persian Gulf. The company notified clients on Friday that it is invoking the contractual clause allowing missed deliveries, according to a document. The move does not mean a complete halt in supplies, a person familiar with the matter said. Kuwaiti officials added output could return to prewar levels within months after the conflict ends.

SOUTH KOREA'S BENCHMARK STOCK INDEX RISES AS MUCH AS 1.1% TO 6,257.36, HIGHEST SINCE FEBRUARY 27