Middle East Tensions Send Oil Prices Soaring

Oil prices surged to near $108 per barrel on September 14 as tensions in the Middle East escalated. The price jump was attributed to recent attacks on vessels in the Gulf and the closure of a vital Saudi oil pipeline.

The shutdown of the East-West pipeline, which transports oil from Saudi Arabia's east coast to its west coast, threatened up to 4% of global oil supply. This disruption, coupled with the ongoing conflict between Iran and Saudi Arabia, has left energy markets on high alert.

Experts predict that if tensions persist, oil prices could reach as high as $120 per barrel. However, a return to $80 per barrel is also possible if exports stabilize.