New Delhi, March 7: Crude oil prices have surged dramatically, crossing the $90 per barrel threshold as geopolitical tensions rise and concerns over supply disruptions escalate. This sharp increase has sent ripples through global energy markets, with oil prices reaching their highest levels in nearly two years.

Just a week ago, crude oil was trading around $80 per barrel. However, it has now soared past $90, marking one of the most significant weekly hikes since the COVID-19 pandemic.

Experts attribute this surge primarily to the intensifying conflict between Iran and the United States, which has led to a nearly 25% rise in oil prices within a short time frame.

In addition, supply concerns in the Middle East have been exacerbated by reports of damaged oil refineries in Kuwait, resulting in a decline in production and reduced supply capacity across the region.

Energy analysts caution that the situation may deteriorate further if supply disruptions persist. According to forecasts, oil reserves in key producing countries like Saudi Arabia and the United Arab Emirates could only last about 20 days if supply chains continue to be impacted.