Svmuu News: U.S. crude oil futures have surpassed $85 per barrel for the first time in nearly two years, as the war in the Middle East has triggered severe turmoil in the energy market and shipping through the Strait of Hormuz has come to a near standstill.With no signs of the conflict abating, Goldman Sachs. has warned that oil prices could breach $100 if supply disruptions persist; European diesel futures are on track for a weekly gain of over 50%; and central banks worldwide are expressing concern that inflation may make a comeback.Qatar’s energy minister even warned that oil prices could reach $150. In response to importers’ difficulties in securing crude oil, the U.S. Treasury Department’s Office of Foreign Assets Control issued a short-term exemption allowing India to purchase Russian crude.As the conflict escalates and restricts Middle Eastern supply, Saudi Arabia has raised prices for its main crude oil grades sold to Asia in April by the largest margin since August 2022. Riyadh is also diverting millions of barrels of crude oil to its Red Sea ports to bypass the Strait of Hormuz. (Jin Shi)