Brent crude tops $90 amid escalating Middle East conflict ...Saudi Arabia

ٍٍٍSaudi Gazette - Economy
Brent crude tops $90 amid escalating Middle East conflict
source : ٍٍٍSaudi Gazette ( Saudi Arabia ) () 33
LONDON — Global oil prices surged on Friday as escalating conflict in the Middle East raised fears of disruptions to energy supplies and shipping routes.International benchmark Brent crude traded at $90.25 per barrel at 4:54 a.m. local time (1354 GMT), up about 5.7% from the previous close of $85.41, marking its highest level since April 2024.The spike comes as military confrontation involving the United States, Israel and Iran entered its seventh day, fueling concerns over the security of global energy supply routes.The escalation has effectively halted traffic through the Strait of Hormuz, a vital corridor for global oil and gas shipments.Saad bin Sharia Al-Kaabi, Qatar’s energy minister and chief executive of QatarEnergy, warned in an interview with the Financial Times that the conflict could have severe consequences for the global economy.He said continued fighting in the region could “bring down the economies of the world.”QatarEnergy on Wednesday declared force majeure for affected buyers after halting production of liquefied natural gas (LNG) and related products following attacks on its facilities.Al-Kaabi said other Gulf exporters may soon be forced to take similar measures if the situation continues, adding that restoring normal LNG deliveries could take “weeks to months.”He also warned that crude prices could surge to $150 per barrel within weeks if commercial vessels remain unable to pass through the Strait of Hormuz, which normally carries around one-fifth of global oil and gas shipments.Meanwhile, Danish shipping giant Maersk said it had suspended two major shipping routes linking the Middle East with Asia and Europe due to safety concerns.The company halted its FM1 service connecting the Far East to the Middle East and the ME11 service linking the Middle East to Europe, citing risks to vessels and crews.Maersk also suspended its regional shuttle services operating within the Arab Gulf, while many container shipping companies have rerouted vessels around the Cape of Good Hope in southern Africa to avoid the conflict zone.

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