Middle East conflict escalates, traders expect oil prices to approach $100.

More and more executives and traders in the energy industry are warning that as the war continues, the world is getting closer to a crisis point - with some predicting that oil prices could reach $100 per barrel within days. Despite the surge in oil and gas prices this week, they are still far below the peak reached shortly after the Russia-Ukraine conflict erupted. On Friday, the initial calm in the oil market was dissipating, with international oil prices soaring above $90 per barrel. Nevertheless, executives of four major trading companies predict that oil prices could reach $100 within days unless the situation eases. There are signs of pressure in the physical energy markets, with reduced production in refineries in the Middle East and Asia leading to a spike in prices for products such as diesel and aviation fuel. Michael McNally, president of consulting firm Lupin Energy Group, said, "Once the market realizes that the closure of the Strait of Hormuz will last for weeks rather than a brief interruption, we expect Brent crude prices to reach $100 per barrel or even higher in the coming days to weeks."