Crude prices topped $112 on Friday after Iraq declared a force majeure at all oilfields operated by foreign companies and drones struck two refineries in Kuwait. International benchmark Brent crude futures rose 3.26%, or $3.54, to close at $112.19 per barrel. U.S. crude oil gained 2.27%, or $2.18, to settle at $98.32 per barrel. Iraq oil ministry sources told Reuters that Baghdad had declared the force majeure because it cannot ship crude through the Strait of Hormuz. Oil tanker traffic through the Strait has plunged due to attacks by Iran. Saudi oil officials expect crude prices could climb above $180 a barrel if Iran war disruptions last through late April, the Wall Street Journal reported. U.S. Treasury Secretary Scott Bessent said Washington may soon lift sanctions on Iranian crude stored aboard tankers — a move aimed at easing price pressures following Iran’s closure of the Strait. “In the coming days, we may unsanction the Iranian oil that’s on the water, about 140 million barrels,” Bessent told Fox Business Network. He said bringing the sanctioned Iranian crude back into global markets would help cap prices over the next 10 to 14 days. CitiBank now expects Brent and WTI to climb to $120 per barrel over the next one to three months, and to $150 per barrel in a bull-case scenario if disruptions intensify. Still, its base case assumes de-escalation within four to six weeks, which would allow Brent to ease back to $70–$80 by year-end.