- Global Oil Prices Climb To Two-Year High Amid Middle East Crisis
- Middle East conflict sparks fears of supply disruption.
- Analysts warn oil could reach $150.
Global crude oil prices have climbed to their highest level in nearly two years, surpassing $90 per barrel amid rising tensions in the Middle East and growing fears of supply disruptions.
Data from international oil markets showed that Brent crude traded at about $93 per barrel on Saturday, while West Texas Intermediate hovered around $91 per barrel. The surge represents roughly a nine percent increase in Brent crude prices, marking the highest level recorded since late 2023.
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EKO HOT BLOG reports that
Energy analysts attribute the sharp rise to escalating geopolitical tensions in the Gulf region, which plays a critical role in global energy supply. The Middle East remains one of the world’s largest producers and exporters of crude oil and natural gas, making any disruption in the region a major concern for global markets.
Warning of the potential consequences, Saad al-Kaabi, Qatar’s energy minister and a senior executive at QatarEnergy, cautioned that the ongoing conflict could force key oil and gas exporters to halt production. According to him, such a scenario could trigger severe economic consequences across the world.
He warned that a prolonged disruption in energy exports from the Middle East could destabilise global economies and drive oil prices even higher. Industry projections suggest crude oil prices could surge to as much as $150 per barrel if production in major oil-producing countries in the region is significantly affected.
The price spike follows a sharp escalation in hostilities across the Gulf region. Reports indicate that tensions intensified on February 28, 2026, after coordinated strikes allegedly carried out by the United States and Israel targeted Iran.
The attacks reportedly resulted in the deaths of several Iranian leaders, including the country’s Supreme Leader, Ali Khamenei. In retaliation, Iran launched a series of counterattacks across parts of the Middle East, raising fears of a wider regional conflict.
Adding to market concerns, Iran reportedly claimed control of the strategic Strait of Hormuz, a key waterway through which a significant share of the world’s oil supply is transported.
The growing instability has already affected energy infrastructure in the region. Operations at the Ras Tanura Refinery, one of the largest refineries in the Middle East, were reportedly halted temporarily, alongside some activities linked to QatarEnergy.
The global oil surge has also had ripple effects in Nigeria. Rising international crude prices have contributed to increased petrol loading costs at the Dangote Petroleum Refinery, leading to higher fuel prices nationwide and adding pressure to the cost of living for many Nigerians.
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