Washington, March 6 (SANA) – Global oil prices climbed sharply on Friday, reaching their highest levels in two years amid fears that the ongoing conflict in the Middle East could disrupt energy supplies.
According to Agence France-Presse (AFP), Brent crude, the international benchmark, rose above $92 per barrel, its highest level since 2023, while U.S. West Texas Intermediate briefly reached $90.48 per barrel, marking a jump of more than 11 percent.
The surge followed comments by U.S. President Donald Trump indicating that the war would continue until what he described as Iran’s “unconditional surrender,” fueling investor concerns over potential supply disruptions.
Market tensions have also been heightened by disruptions to energy infrastructure and shipping routes. Authorities in Iraq’s Kurdistan Region reported that production at an oil field operated by a U.S. company had halted following what they described as a terrorist attack, while traffic through the Strait of Hormuz, a key route for nearly 20 percent of global oil shipments, remains disrupted.
Analysts warn that prolonged instability could force refineries to scale back operations, particularly in Asia and the Middle East, due to limited storage capacity and supply uncertainties.
Energy market analysts also note that while Saudi Arabia and the United Arab Emirates have alternative export routes that partially bypass the Strait of Hormuz, millions of barrels of oil per day could still be affected if disruptions continue.
Meanwhile, China has reportedly asked major refiners to suspend exports of diesel and gasoline to secure domestic supplies, while the United States has temporarily allowed shipments of Russian-origin crude and petroleum products to India despite existing sanctions.
Qatar’s Energy Minister Saad al-Kaabi warned that continued escalation in the region could severely disrupt global energy markets, cautioning that Gulf energy exports could halt within weeks if the conflict persists. He added that even if the war ended immediately, Qatar could require weeks or months to restore normal liquefied natural gas export operations following recent attacks on key production facilities.
