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Brent Crude Surges Amid Middle East Tensions
(MENAFN) Brent crude futures climbed above $90 per barrel on Friday, reaching their highest levels since April 2024 as escalating conflict in the Middle East fueled fears of global energy supply disruptions.
International benchmark Brent traded at $90.25 per barrel at 4:54 am local time (1354 GMT), marking a roughly 5.7% increase from Thursday’s close of $85.41. The US and Israel’s airstrikes on Iran, along with Tehran’s retaliatory attacks on US bases in the region and Israel, have now entered their seventh day.
The ongoing hostilities have effectively stalled shipping through the Strait of Hormuz, a vital corridor for global energy trade. Damage to Iran’s energy facilities has further disrupted production and exports, pushing prices sharply higher.
Saad bin Sharia al-Kaabi warned in an interview that prolonged conflict could severely impact the global economy. On Wednesday, QatarEnergy declared force majeure on affected LNG contracts after halting production of liquefied natural gas and related products.
Kaabi noted that even if hostilities ended immediately, restoring normal LNG deliveries could take weeks to months due to damage to Qatar’s largest LNG facility from an Iranian drone strike. He also projected that crude prices could spike to $150 per barrel within two to three weeks if maritime traffic through the Strait of Hormuz remains blocked.
International benchmark Brent traded at $90.25 per barrel at 4:54 am local time (1354 GMT), marking a roughly 5.7% increase from Thursday’s close of $85.41. The US and Israel’s airstrikes on Iran, along with Tehran’s retaliatory attacks on US bases in the region and Israel, have now entered their seventh day.
The ongoing hostilities have effectively stalled shipping through the Strait of Hormuz, a vital corridor for global energy trade. Damage to Iran’s energy facilities has further disrupted production and exports, pushing prices sharply higher.
Saad bin Sharia al-Kaabi warned in an interview that prolonged conflict could severely impact the global economy. On Wednesday, QatarEnergy declared force majeure on affected LNG contracts after halting production of liquefied natural gas and related products.
Kaabi noted that even if hostilities ended immediately, restoring normal LNG deliveries could take weeks to months due to damage to Qatar’s largest LNG facility from an Iranian drone strike. He also projected that crude prices could spike to $150 per barrel within two to three weeks if maritime traffic through the Strait of Hormuz remains blocked.
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