Oil prices rise near $150 as Qatar warns Gulf exports risk

Qatar – (Web Desk) – Tension in the Gulf is rising fast, and energy markets are feeling the pressure. Saad al‑Kaabi, Qatar’s energy minister, warned that the growing conflict with Iran could force Gulf countries to stop oil exports within a week.

He said crude oil prices could climb to $150 per barrel if the situation gets worse. Oil markets already reacted on Friday, March 6. Prices jumped to their highest level in almost 22 months.

West Texas Intermediate crude rose about 4 percent and reached $84.12. At the same time, Brent Crude went up around 2 percent and touched $87.12.

This is the biggest weekly rise in oil prices since the Russian invasion of Ukraine shocked global markets.

The sharp jump also came after tension around the Strait of Hormuz. Reports of a blockade pushed WTI prices up nearly 25 percent this week alone.

In an interview with the Financial Times, Kaabi said Gulf exporters may declare force majeure if the war continues.

Qatar has already taken a major step. The country stopped its liquefied natural gas production earlier this week. Qatar supplies nearly 20 percent of the world’s LNG, so the move could affect energy markets worldwide.

The suspension came after Iran responded to attacks by the United States and Israel and targeted locations in Gulf countries.

Kaabi said: “If this war continues for a few weeks, GDP growth around the world will be impacted.”

“Everybody’s energy price is going to go higher. There will be shortages of some products and there will be a chain reaction of factories that can’t supple,” he added.

Pakistan LNG Supply Disrupted After Strait of Hormuz Closure

Crude oil prices may surge to as high as $150 in two to three weeks if tankers cannot pass through the strait, said Kaabi, who also forecasts that prices for natural gas may rise to $40 for every million British thermal units.