Global crude oil price crosses $90 per barrel amid rising Middle East tensions

Global crude oil prices have surged sharply, crossing the $90 per barrel mark amid rising geopolitical tensions and growing concerns over supply disruptions. The spike has raised fresh worries in global energy markets, with prices reaching their highest level in nearly two years.

Just a week ago, crude oil was trading at around $80 per barrel. However, prices have now climbed above $90, marking one of the sharpest weekly increases since the COVID-19 pandemic period.

Experts say the surge has been largely driven by escalating tensions between Iran and the United States, which have pushed global oil prices up by nearly 25 per cent in a short span.

Supply Concerns in Middle East

Concerns over oil storage and supply have also intensified across parts of the Middle East. Reports suggest that production has declined after some oil refineries in Kuwait were damaged, affecting the region’s supply capacity.

Energy analysts warn that the situation could worsen if disruptions continue. According to experts, oil reserves in major producing countries such as Saudi Arabia and the United Arab Emirates may last for only around 20 days under current conditions if supply chains are further affected.

Global Market Under Pressure

If reserves decline further or production slows, major oil-producing countries may be forced to temporarily scale down operations. Such a development could place additional pressure on the global oil market.

Also Read: Domestic LPG cylinder price increased by Rs 60 across India amid US-Iran war

Restarting oil production is a complex and costly process that can take several days or even weeks. Analysts warn that prolonged disruptions could lead to further volatility in global energy markets and push fuel prices even higher in the coming weeks.