Oil prices are approaching the $100-a-barrel threshold for the first time in nearly four years as Middle Eastern producers curtail output amid the US-Iran conflict. Saudi Arabia and other Gulf nations face storage challenges as crude backs up in the Strait of Hormuz, which handles over 20% of global oil supplies. WTI surged 36% last week to $90.90.

The region's oil infrastructure came under attack over the weekend, with Saudi Arabia intercepting 21 drones targeting its Shaybah oilfield. Kuwait declared force majeure on exports, while Iraq and Qatar have also significantly reduced production. Traders increasingly bet on a prolonged shutdown of this critical shipping lane.

Goldman Sachs warned crude and refined products could hit all-time highs if Hormuz flows remain depressed. The escalating conflict threatens global energy markets just four years after Russia's invasion of Ukraine triggered the last energy crisis. Brent crude reached $92.69 last week.

Energy consultant Richard Bronze predicts triple-digit Brent prices early next week unless diplomatic solutions emerge. With attacks intensifying and no clear resolution in sight, the oil market faces one of its greatest challenges in recent history, potentially exceeding the $147.50 peak reached during the 2008 financial crisis.