Brent crude oil prices have surged above $90 per barrel amid renewed clashes between the United States and Iran, following a period of relative stability in oil markets during August. These geopolitical developments have raised concerns about potential disruptions to oil supplies from the Middle East, a region critical to global energy markets. Market pricing indicates a 12.5% probability of reaching a new all-time high by the end of the year, compared to 3.1% by September 30. Key actors such as OPEC’s Mohammad Sanusi Barkindo and Saudi Energy Minister Abdulaziz bin Salman Al Saud could play significant roles in influencing production levels and price stability.
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