Brent crude hits $89 and WTI over $86 a barrel after Qatar Energy Minister warns of major supply disruptions - reasons why oil prices are rallying

Oil prices surge reasons explained: Global oil markets experienced a sharp rally on Friday, with Brent crude hitting a 52-week high of $89.23 a barrel amid escalating US-Iran tensions. Qatar's Energy Minister warned of potential production shutdowns and a surge to $150 a barrel if the Strait of Hormuz is disrupted, impacting global energy supplies.