Oil prices jumped Friday as escalating conflict in the Middle East raised alarms about global energy flow disruptions. US benchmark West Texas Intermediate (WTI) crude surged over 6% to above $86 a barrel, while international benchmark Brent crude climbed more than 4% to trade above $89.
Qatar's energy minister, Saad al-Kaabi, warned that Gulf exporters could halt production due to the war. He predicted that a wider Middle East conflict could "bring down the economies of the world," potentially driving oil prices to $150 a barrel.
Markets also reacted to an attack that forced the shutdown of a US-run oil field in Iraq's Kurdistan region. Production at the Sarsang oil field in Dohuk province was halted following a drone strike, adding to fears of threatened global oil supplies.