Amid rising tensions in the Middle East and concerns about supply disruptions throughout the region, global crude oil prices shot up to a two-year high of more than $90 per barrel on Saturday.
According to data from global oil markets, West Texas Intermediate traded at over $91 per barrel as of Saturday morning, while Brent crude increased to roughly $93 per barrel.
According to BBC reporting, the spike implies a 9% increase in Brent crude, the greatest level since autumn 2023.
Growing worries that the ongoing hostilities in the Gulf could seriously affect oil and gas production in the Middle East, a region that supplies a large amount of the world’s energy, are the reason given by energy analysts for the surge.
Saad al-Kaabi, Qatar’s energy minister, reportedly issued the warning, stating that the fighting in the area would compel major exporters of gas and oil to suspend production.
Al-Kaabi cautioned that the scenario might have significant effects on the world economy, according to Financial Times reporting.
He warned that if Middle Eastern oil exports are severely hampered, the situation might “bring down the economies of the world.”
The minister also cautioned that if the crisis gets worse, crude oil prices would skyrocket.
According to industry estimates, if production in the region’s major oil-producing nations is stopped, oil prices may rise to as much as $150 per barrel.
Tensions in the Gulf region have dramatically increased, which has led to a substantial increase in oil prices.
The battle escalated on February 28, 2026, following alleged coordinated attacks against Iran by the United States and Israel.
Several Iranian leaders, including Ali Khamenei, the nation’s supreme leader, are said to have died as a result of the strike.
Iran retaliated by launching a number of attacks in various parts of the Middle East, which exacerbated the situation and increased concerns about a larger regional battle.
A number of the region’s districts have been ravaged by the attacks, and worries about stability in one of the most important oil-producing zones in the world have increased.
Iran has seized control of the vital Strait of Hormuz, a tiny canal that transports a sizable amount of the world’s oil supplies, adding to the unease in international markets.
Some local energy plants declared temporary shutdowns in the wake of the development.
These included businesses connected to QatarEnergy and the Ras Tanura refinery in Saudi Arabia, which is one of the biggest oil refineries in the Middle East.
The Dangote Refinery’s petrol loading costs had previously increased as a result of the violence.
Many Nigerians’ cost of living increased as a result of the adjustment, which also caused petrol prices to rise nationwide.
