Oil prices continue to surge, roiling stock markets around the world, as war rages across the Middle East.
West Texas Intermediate (WTI) crude oil, the U.S. standard, is trading at $86.75 U.S., its highest level since April 2024. U.S. crude is on pace for its biggest weekly gain since April 2020.
Brent crude oil, the international standard, is trading at $89.67 U.S. per barrel, having gained 5% in the past day. Since the start of the year, Brent crude oil has risen nearly 45%.
The latest surge in crude prices comes after Qatar’s energy minister said the Middle East war could result in Gulf exporters completely shutting down production within days.
The comments from Qatar come as the U.S.-Iran conflict spreads across the Middle East, disrupting energy production and bringing tanker shipments in the Strait of Hormuz to a standstill.
Qatar’s energy minister also said that crude oil prices could reach $150 U.S. a barrel in a matter of weeks if oil tankers are unable to pass through the Strait of Hormuz.
There are media reports that the U.S. government is planning to announce measures to curb energy price spikes, including potential interventions in the oil futures market.
The war between Iran and the U.S. and Israel is now in its seventh day and hopes for a quick resolution appear to be fading.
The continued rise in oil prices is sending U.S. stocks lower, with the American market on pace for its worst weekly performance in six months.
