Crude oil all time high predictionsOil prices surged as the U.S. and Saudi Arabia conducted strikes on Iran-backed militias in Iraq, escalating geopolitical tensions in the region. This escalation has heightened concerns about potential disruptions in oil supply from the Middle East, a critical region for global energy markets. AdvertisementKey TakeawaysMarket behavior suggests increased concerns about potential oil supply disruptions following the U.S. and Saudi strikes. Current odds indicate a modest increase in the likelihood of crude oil reaching a new all-time high by the end of the year. Statements from key figures like OPEC’s Mohammad Sanusi Barkindo and IEA’s Fatih Birol could provide further insight into potential impacts on oil supply.