1 hour ago
2
Crude oil prices surged to a two-year high of above $90 per barrel on Saturday after Qatar’s energy minister warned he expects all oil and gas exporters in the Middle East to stop production within days.
A check by DAILY POST on oil prices as of Saturday morning showed that Brent crude rose to approximately $93 per barrel, while West Texas Intermediate stood at $91 per barrel.
This means that Brent rose by 9 percent, the highest level since autumn 2023, according to the BBC.
According to Financial, Qatar’s energy minister, Saad al-Kaabi said the conflict in the Middle East could “bring down the economies of the world” and raise crude oil prices to around $150 per barrel.
DAILY POST reports that on February 28, 2026, the conflict in the Gulf region escalated after the US and Israel launched a coordinated attack on Iran, leading to the death of Iranian leaders, including Ayatollah Ali Khamenei.
Iran has launched several retaliatory attacks on several countries in the Middle East, which have devastated the region.
Iran had claimed control of the Strait of Hormuz as refineries, including Saudi Arabia’s Ras Tanura refinery and QatarEnergy in the region, announced temporary shutdowns.
Recall that the conflict in the Middle East led Dangote Refinery to increase its gantry petrol price, which led to a nationwide fuel price hike in Nigeria.
Iran: Oil prices surge to two-year high of above $90 as Qatar issues fresh warning
