Brent oil prices return above $90 for the first time in nearly two years as market concerns grow over prolonged Middle East conflict

As the Middle East conflict escalates, international crude oil benchmark prices surge again, with Brent crude breaking above $90 per barrel today, and WTI rising above $89.

Specifically, Brent crude futures briefly reached $91.89 per barrel today, the highest since April 2024. Currently, it trades at $91.38, with an intraday increase of about $6 or 7%.

U.S. West Texas Intermediate (WTI) futures briefly hit $89.62 per barrel today, the highest since October 2023. It is now around $89.26, up about $8 or 10% intraday.

Just before this report, U.S. President Trump claimed on social media, “No deal will be reached with Iran unless they surrender unconditionally.” He also said the U.S. and its “many allies” will “make Iran great again!”

Markets are concerned that the Middle East conflict could become prolonged and disrupt global oil supply chains. Currently, traffic through the Strait of Hormuz is nearly paralyzed, causing oil storage tanks in the region to overflow, and several refineries are forced to cut production.

Earlier, Caixin reported that Qatar’s Energy Minister, Saad Sherida al-Kaabi, said the Middle East conflict will force Gulf countries to halt energy exports within weeks. Even if the conflict ends immediately, Qatar will need “weeks to months” to restore normal delivery cycles.

Al-Kaabi also mentioned, “All Gulf exporters will definitely declare force majeure. If they don’t, they could ultimately be legally responsible — whether they do so depends on their own choice.”

He predicts crude oil prices could surge to $150 per barrel within two to three weeks, and natural gas prices could rise to $40 per million British thermal units.

Previously, U.S. Secretary of Defense Lloyd Austin acknowledged that the conflict with Iran could last several weeks, possibly up to 8 weeks or longer — “it could be four weeks, six weeks, or even eight weeks.”

(Source: Caixin)