Commodities
Middle East Conflict Drives Oil Prices to Multi-Year Highs
Crude oil prices are surging as conflict in the Middle East disrupts shipping and energy exports through the Strait of Hormuz.
The Brent crude futures price rose by nearly 22% this week, with West Texas Intermediate (WTI) gaining close to 27%, both benchmarks trading at their highest levels since 2024.
Qatar's energy minister told the Financial Times that he expects all Gulf energy producers to shut down exports within weeks, which could drive oil prices up to $150 a barrel.