Share Source: The Financial Times
Qatar has warned of a “global shutdown” if the Middle East conflict disrupts energy exports. Oil prices could reach $150 per barrel within weeks.
Key Points:
- Qatar’s Energy Minister predicts a surge in oil prices to $150 per barrel due to potential export disruptions from the Middle East conflict.
- A prolonged conflict could significantly impact global GDP and lead to soaring energy costs.
Oil could cost $150 per barrel
This was stated by Qatar’s Energy Minister, Saad al-Kaabi.
According to him, all energy producers in the Persian Gulf will halt exports very soon unless the United States and Israel cease their conflict with Iran.
We anticipate that everyone who has not yet declared force majeure will do so in the coming days if the situation does not change. All exporters in the Persian Gulf region will be compelled to declare force majeure. If this war continues for a few more weeks, it will affect global GDP growth.
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Saad al-Kaabi believes that global oil prices could skyrocket to $150 per barrel within two to three weeks if tankers cannot transit the Strait of Hormuz.
Energy prices will rise for everyone. There will be a shortage of certain goods, triggering a domino effect: many factories will be unable to fulfill their supply commitments.
He indicated that even if the conflict ends immediately, it would still take Qatar several weeks to months to return to normal supply cycles.
It is worth noting that Iran has effectively blocked vessel traffic through the Strait of Hormuz, through which approximately 20% of global oil supplies pass. Tehran has declared that transit will not resume until “further notice.”
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