Crude Oil Prices Surge Amid Middle East Tensions

On Saturday, global crude oil prices surged to a two-year high, exceeding $90 per barrel amid escalating tensions in the Middle East. Brent crude rose to $93 per barrel, and West Texas Intermediate traded around $91 per barrel, marking a nine percent increase.

This spike is attributed to growing concerns over ongoing conflicts in the Gulf region, which could severely disrupt oil and gas production, as the Middle East is responsible for a significant portion of global energy supply. Saad Al Kaabi, Qatar's Minister of Energy, warned that the conflict could force major oil and gas exports to halt, leading to dramatic consequences for the global economy.

Analysts suggest that if the situation worsens, oil prices could climb as high as $150 per barrel. The crisis intensified following coordinated attacks reportedly carried out by the United States and Israel against Iran, resulting in the deaths of several Iranian leaders, including Supreme Leader Ali Khamenei.

Iran has claimed control over the strategic Strait of Hormuz, a crucial waterway for global oil transport.