Global benchmark Brent has mostly traded above $100 following Russia's invasion of Ukraine in late February.
In a stark turnaround from two years ago, soaring crude prices are transforming the fortunes of the petrostates in the Persian Gulf, generating a windfall that's now allowing the region's most vulnerable economies to rebuild finances, pay down debt and raise spending.
Even the biggest producers like Saudi Arabia, which is set to record its first budget surplus in about a decade this year, are capitalizing on the boom times to add to its foreign assets and boost investment by its sovereign wealth funds.
Bahrain had halted payments into its reserve fund in 2020 and drew down $450 million, almost half its assets, as the coronavirus pandemic shut down economies around the world and briefly sent oil prices below zero.
Bahrain received a $10 billion financial aid package in 2018 to help it cope with high debt levels and budget deficits. As part of the financial support from richer neighboring nations including Saudi Arabia, the country outlined plans to balance its budget by 2022. But last year it pushed back that target because of the impact of the coronavirus pandemic on its economy.
Since then, soaring oil prices and an economic rebound have led Finance Minister Sheikh Salman bin Khalifa Al Khalifa to say the country could now beat the 2024 goal.