International oil prices break above $90 per barrel...Qatar warns "could reach $150"

[The Financial News]

International oil prices on the 6th (local time) also broke through the $90-per-barrel mark.
The jump came as concern grew that Donald John Trump’s demand for the Islamic Republic of Iran’s "unconditional surrender" would prolong the current war and further disrupt global oil supply and demand.
Brent Crude Oil, the benchmark for international oil prices, surged $5.59, or 6.54%, to $91.00 per barrel for May delivery.
West Texas Intermediate crude oil (WTI), the U.S. benchmark, also soared. The front-month April contract jumped $7.95, or 9.81%, to $88.96 per barrel.
Since February 2, when markets began to price in attacks by the U.S. and the State of Israel on the Islamic Republic of Iran, Brent Crude Oil and WTI have each surged by nearly 26% and 30%, respectively.
Even though the prevailing view had been that the U.S., constrained by ammunition shortages, would be unable to wage a prolonged war against the Islamic Republic of Iran, Trump has poured cold water on prospects for negotiations.
In a post on his social media platform Truth Social, he declared, "There will be no deal with Iran of any kind, and the only deal will be Iran’s unconditional surrender."
U.S. Defense Secretary Pete Hegseth also said the previous day that the attacks on the Islamic Republic of Iran had only just begun. He suggested that the current "operation" could last as long as eight weeks.
The Islamic Republic of Iran, however, is tightening its grip on the global economy and putting pressure on both the world and the U.S. It is blocking the Strait of Hormuz, the weakest link in the oil supply chain.
Trump has said he would deploy U.S. naval escorts to guarantee safe passage, but ships transiting the area have come under attack, effectively shutting down the strait. A key chokepoint through which about 20% of the world’s oil and natural gas flows has been closed.
To make matters worse, Trump’s demand for "unconditional surrender" has heightened fears that the Islamic Republic of Iran, with no room left to back down, could further escalate its provocations.
Saad Sherida Al Kaabi, energy minister of the State of Qatar, warned in an interview with the Financial Times (FT) that if tankers are unable to pass through the Strait of Hormuz, oil prices could soar to $150 per barrel within a few weeks.
dympna@fnnews.com Song Kyung-jae Reporter