Brent oil has surpassed $91, with an increase of 26% in a week

The priceof Brent quality crude oil, a reference for Europe , has been priced this Friday at $ 91.84, its highest price since April 2024, with an increase of more than 7% compared to yesterday's, which puts the cumulative increase since last Friday at around 26%, the highest since 2020, due to the attacks bythe USand Israel.

On the other hand, the cost of each barrel of WestTexas Intermediate Oil (WTI), the benchmark for the US , has risen by more than 10% to be traded at a maximum of $89.61, its highest price since October 2023, with a revaluation of around 30% in a week.

The rise in energy prices reflectsthe worsening situation in the Middle East following the attack by Israel and the US on Iran and the threat posed bythe Persian country to close the Strait of Hormuz . In this regard, several countriesin the Persian Gulf have warned of the impact of the war on energy exports and the world economy.

As a result of the war in the Middle East, all energy exporters in the region could cut production in a few weeks, bringing the price of oil to $150 a barrel, "sinking the world's economies."

On the other hand, Kuwait has begun to reduce production in some oil fields after being left with no room to collect more crude oil , adding that the country is consideringlimiting the pumpingcapacity of  to just what is needed for domestic consumption.

Moreover, US President Donald Trump announced this Friday thatthey want thePersian country to surrender without conditions   Washington to elect a leader who satisfies their wishes, as previously done in Venezuela, whichremovesthe possibility of an immediate solution to the  conflict.

Similarly, international experts believe that the price of a barrel of oil could exceed $100 if access to the Strait of Hormuz is interrupted for four or five weeks.

Indeed, theStrait of Hormuz is the world's main route for the transport of oil and gas, through which about one in five barrels of oil passes, and any interruption along that route has an immediate impact on the world economy. After the US-Israel attack on Iran, that area is at the center of global economic attention.