Qatar’s Energy Minister, Saad al-Kaabi, has warned that global oil prices could surge to $150 per barrel in the coming weeks as tensions escalate in the Middle East.
TruthLive News learnt from the Financial Times that Kaabi made the comments during an interview on Friday, citing the ongoing conflict involving the United States, Israel, and Iran.
He highlighted the potential disruption of Gulf energy exports following an Iranian drone strike on Qatar’s largest liquefied natural gas (LNG) facility at Ras Laffan.
Kaabi said even if the conflict ended immediately, it would take Qatar “weeks to months” to return to normal production levels. He added that oil prices could rise sharply if vessels were unable to pass safely through the Strait of Hormuz, a key route for about a fifth of the world’s oil and gas supplies.
“Everybody that has not called for force majeure we expect will do so in the next few days if this continues,” he said, warning that continued disruptions could affect global GDP and trigger shortages in energy and other goods.
The minister also noted that while the US Navy has offered to escort ships through the strait, navigating the area remains risky if attacks continue. “Most ship owners will see that they become a bigger target because they’re [Iran] targeting the military ships,” he said.
Qatar, the world’s second-largest LNG producer, was forced to declare force majeure this week after the strike at its Ras Laffan plant. Production downstream has also been temporarily halted amid the escalating conflict.
The US-Israeli war against Iran has already affected the global oil market. Brent crude rose 2.5% to $87.6 per barrel on Friday in Europe, marking the highest level since the conflict began. The price increase is also impacting countries like Nigeria, where fuel costs have recently surged.
