Global crude oil prices surged to a two-year high on Saturday, climbing above $90 per barrel amid escalating tensions in the Middle East and warnings of potential production disruptions from major oil and gas exporters in the region.
Checks on international oil benchmarks on Saturday morning showed that Brent crude rose to approximately $93 per barrel, while West Texas Intermediate (WTI) traded around $91 per barrel. Brent recorded a roughly nine percent increase, reaching its highest level since autumn 2023, according to a report by the BBC.
The sharp rise in prices followed comments from Qatar’s energy minister, Saad al-Kaabi, who warned that the ongoing conflict in the Middle East could force oil and gas exporters in the region to halt production within days.
Speaking on the potential impact of the crisis, al-Kaabi cautioned that the escalation could significantly disrupt global energy supplies and threaten economic stability worldwide.
“If the situation continues to deteriorate, it could bring down the economies of the world,” he warned, adding that crude oil prices could soar to as high as $150 per barrel if production across the region is halted.
The spike in oil prices comes amid rising geopolitical tensions following a major military escalation in the Gulf region. On February 28, 2026, the United States and Israel reportedly launched a coordinated attack on Iran, leading to the death of several Iranian leaders, including the country’s Supreme Leader, Ali Khamenei.
In response, Iran carried out retaliatory strikes across several locations in the Middle East, further intensifying the conflict and raising fears of a wider regional war.
The situation worsened after Iran reportedly claimed control of the Strait of Hormuz, one of the world’s most critical oil transit routes. The development triggered fresh concerns in global energy markets as several refineries in the region announced temporary shutdowns.
Among the affected facilities are Saudi Arabia’s Ras Tanura Refinery and operations belonging to QatarEnergy, both of which play key roles in global energy supply.
The rising tensions have already had ripple effects in Nigeria. The crisis recently prompted Dangote Refinery to increase its gantry petrol price, contributing to a nationwide hike in fuel prices.
Analysts warn that if the conflict continues to escalate, the resulting disruption to global oil supply chains could trigger further price increases and deepen economic pressures across many countries.
