The ongoing conflict in the Middle East, particularly involving Iran, has exacerbated fears over crude oil and LNG supply, prompting prices to soar. Recent reports indicate oil hitting $116 a barrel, with analysts warning that it could reach $150 or even $175 in the near future. The closure of the Strait of Hormuz and attacks on oil infrastructure have significantly disrupted global energy supplies, resulting in a loss of approximately 13-14 million barrels per day. Goldman Sachs and Barclays both predict that these disruptions could lead to the highest sustained oil prices seen in years, compelling markets to brace for a potential long-term price spike as the conflict shows no signs of resolution.