The Middle East conflict continues, and international oil prices have surpassed $100 per barrel. Barclays believes that if the Middle East conflict continues for a few more weeks, the price of Brent crude oil may test the $120 per barrel mark; extreme scenario predictions with a 10% probability show that Brent oil may reach $150 per barrel before the end of the month. Barclays stated that these numbers may seem high, especially considering the general pessimism towards the oil market outlook earlier this year. However, they reiterated that the current fundamentals are stronger, and the risks are greater than during the Russia-Ukraine conflict. Since the outbreak of the conflict, the amount of crude oil loaded on oil tankers stranded in the Gulf region has increased by approximately 85 million barrels, and they emphasized that the upside risks in oil prices remain high. Currently, crude oil exports from Iraq and Kuwait have been disrupted, and this may spread to the UAE and even Saudi Arabia in the future. International oil prices are soaring, approaching $120 per barrel. New York crude oil futures hit a high of $119.48 per barrel in the early Asian session this morning, and currently, it is trading at $104.76 per barrel, up $13.86 or 15.25%; London Brent crude futures hit $119.5 per barrel, and the latest price is $109.05 per barrel, up $16.36 or 17.65%.