The price of Brent crude oil rose by more than 25 percent in just a few days, surpassing the $90 per barrel mark, after military operations in the Middle East caused a near-complete shutdown of the Strait of Hormuz. In a single week the price surged by more than 8 percent, reaching $92.69 per barrel — the highest level since 2023.

Bob McNally, president of Rapidan Energy Group, warns that Brent is expected to reach $100 per barrel or more in the coming days or weeks. Oil markets are reacting to the near-total halt of maritime traffic through the Strait of Hormuz — a waterway through which approximately 20 million barrels of oil pass daily, or nearly one-fifth of global consumption.

Only nine empty supertankers are currently visible in the Persian Gulf, and the alternative routes to which Saudi Arabia and the UAE are redirecting exports can cover only about one-third of normal volumes.

Qatar energy minister Saad al-Kaabi warned that if the conflict continues, prices could reach as high as $150 per barrel. Qatar has already declared force majeure on certain liquefied natural gas shipments. Goldman Sachs analysts also warn the price will exceed $100 if the crisis is not resolved.

The consequences extend beyond oil. Diesel prices surged by more than 50 percent in a week, jet fuel exceeded $200 per barrel in some regions, and European natural gas rose by approximately 67 percent. Experts warn that a prolonged energy shock will drive up inflation, increase food and transport costs, and reduce industrial output worldwide.