Dr. Bashir Alia, a prominent economic and financial expert, warned on Saturday that global oil prices could exceed the $100 per barrel threshold if tensions escalate further in the region following Israel's military strikes targeting nuclear and residential sites in Iran.

In an exclusive statement to Kuwait News Agency (KUNA), Dr. Alia noted that global oil markets reacted swiftly and strongly to the Israeli attacks on Iranian sites and figures. The strikes pushed crude prices up by 7%, surpassing $75 per barrel amid serious concerns about potential supply disruptions through the Strait of Hormuz.

Key Market Developments:

• Brent crude futures surged to $74.23 per barrel, a 7% increase

• The market response exceeded analysts' expectations in intensity

• Continued tensions expected to maintain prices in the $78-$80 range

• Full-scale escalation could drive prices above $100 or higher

Strategic Concerns:
The expert highlighted that approximately 20% of global seaborne oil shipments pass through the Strait of Hormuz, making it one of the world's most critical energy chokepoints.

Demand Factors:
Dr. Alia emphasized that sustained demand from China and India - particularly Beijing's strategy of continuous growth to avoid recession amid trade tensions with the U.S. - will continue supporting higher price levels.

Market Outlook:
While current tensions may stabilize prices in the upper $70s, the expert cautioned that:
✓ Any expansion of military operations could trigger triple-digit prices
✓ Supply chain vulnerabilities remain the primary market driver
✓ Asian demand creates a price floor despite geopolitical risks