**Crude Oil and Gasoline Prices Surge Amid Middle East Tensions**
WTI crude oil for April is trading at $99.06, up $2.83 (+2.94%), while April RBOB gasoline has risen to $3.21, up $0.0907 (+2.90%). The hikes come as tensions escalate in the Middle East, following Iran’s announcement of plans to target energy infrastructure in Saudi Arabia, Qatar, and the UAE in retaliation for U.S. and Israeli airstrikes. This conflict has contributed to supply concerns, particularly around the Strait of Hormuz, which facilitates 20% of the world’s oil transportation.
Despite an unexpected increase in U.S. crude inventories—up 6.16 million barrels to a 1.75-year high—prices have maintained their momentum. OPEC+ plans to boost production by 206,000 bpd amid these tensions, although Middle East producers are currently cutting output due to the ongoing war. Additionally, Goldman Sachs warns that crude prices could exceed the 2008 record high of nearly $150 per barrel if the situation in the region remains unresolved. Current floating storage of crude oil now exceeds 290 million barrels, a 40% increase from the previous year.
