Oil prices jump to a two-year high, potentially hitting $150 per barrel

Global oil prices surged sharply, reaching a level not seen in more than two years, as rising geopolitical tensions in the Middle East triggered major disruptions to global energy supplies. The advance followed warnings from Qatar’s Energy Minister Saad al-Kaabi that all oil and gas exporters in the Gulf could halt production in the coming days if the conflict continues. Citing the BBC on Saturday 7 March 2026, Brent crude rose by more than 9% on Friday 6 March 2026, breaking the $93 per barrel level – the highest since autumn 2023. Brent was up 8.52% or $7.28 and closed at $92.69 per barrel. The rally extended the week’s run. WTI surged 35.63% in a week, the largest weekly gain in the history of futures contracts since 1983. Brent crude also rose about 28%, marking the largest weekly gain since April 2020. Kaabi warned that Middle East conflict could have a major impact on the global economy due to the region’s important role in energy supply and global trade routes. In an interview with the Financial Times, he warned that oil prices could surge to $150 per barrel if the conflict with Iran persists in the coming weeks. ‘If this war continues for several weeks, global GDP growth will be affected,’ Kaabi said. ‘Energy prices for everyone will rise. There will be shortages of some products and there will be a domino effect where factories cannot supply,’ he added. He argued that the escalation could trigger a domino effect on the global economy due to higher energy costs and disruptions to production across various industrial sectors. The rise in oil prices would not only impact the energy sector but could also spur inflation in various countries. The BBC reported that if oil and gas prices remain high, inflationary pressures could re-emerge in several major economies such as the UK and the US, which had previously shown signs of inflation easing. In the UK, consumers are already feeling the impact of higher energy prices. The RAC motoring organisation reported petrol prices at filling stations rose by around 3.7 pence per litre, while diesel rose by about 6 pence since last Saturday. The rise pushed fuel prices to the highest level in 16 months.