Global oil prices surged past $90 a barrel for the first time since the Iran war began, as Middle Eastern production faces widespread shutdowns. Brent crude climbed nearly 7% to $91.35, while US benchmark WTI jumped over 10% to $89.30. The conflict has disrupted shipping through the Strait of Hormuz, which handles 20% of global crude flows.

Qatar's energy minister warned prices could hit $150 without a quick resolution, while Iraq has already halted most production. Kuwait is expected to follow as storage facilities fill up. Even Saudi Arabia, the Gulf's largest producer, may need to cut output in coming weeks as the conflict disrupts global supply chains.

Some market participants now foresee a return to triple-digit oil prices as the war drags on. A senior energy executive said triple-digit prices are "not just more likely, it's inevitable." The premium on Middle Eastern crude has already pushed some benchmarks above $100, with Murban reaching $100.25 a barrel at the UAE's Fujairah port.