Crude Oil Prices Spike on Middle East Conflict, $150–$200 Range Eyed

SEATTLE (Oil Monster): Global oil markets are on edge as escalating conflict involving United States, Israel, and Iran raises the prospect of crude prices surging to unprecedented levels. Analysts now warn that prices could climb beyond $150—and potentially approach $200 per barrel—if disruptions persist.

Benchmark Brent crude has already surged past $100, recently touching near $120, following attacks on critical energy infrastructure across the Middle East. The situation worsened after strikes targeting the South Pars gas field and retaliatory attacks in key producers such as Saudi Arabia and United Arab Emirates.

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A major concern is the Strait of Hormuz, a vital corridor for roughly 20% of global oil supply. With shipping severely restricted, markets face a daily supply shortfall estimated at around 10 million barrels, even after coordinated releases from emergency reserves.

Experts say prolonged disruption could trigger extreme volatility, with prices potentially exceeding historic highs. While some analysts point to increased production from countries like the U.S. and Brazil as a buffer, sustained supply shocks could significantly impact global inflation, economic growth, and energy security.