Global crude prices could surge to $150 a barrel within weeks if the conflict involving Iran continues and forces Gulf energy exporters to halt shipments, Qatar warned.
The warning came from Qatar Energy Minister and QatarEnergy CEO Saad al-Kaabi in an interview with the Financial Times published Friday.
He said exporters across the Gulf may be forced to declare force majeure if the conflict disrupts shipping routes and energy infrastructure in the region.
“Everybody who has not called for force majeure we expect will do so in the next few days if this continues,” said Saad al-Kaabi.
The remarks came after Qatar halted liquefied natural gas (LNG) production earlier in the week as Iran carried out retaliatory strikes across parts of the Gulf following attacks by Israel and the United States.
Qatar is the world’s largest LNG exporter and accounts for about 20 per cent of global supply, making any disruption significant for energy markets in Asia and Europe.
“If this war continues for a few weeks, global GDP growth will be impacted,” he said. “Energy prices will rise everywhere, there will be shortages of some products and factories could face supply disruptions,” he added.
Kaabi said even if the conflict ended immediately it would take weeks to months for LNG deliveries to return to normal. The conflict could also delay QatarEnergy’s North Field expansion project, which was scheduled to start production in mid-2026.
“It will delay our expansion plans for sure,” he said.
He warned crude prices could climb to $150 a barrel within two to three weeks if ships and tankers cannot safely pass through the Strait of Hormuz, one of the world’s most critical oil shipping routes.
Natural gas prices could also surge to about $40 per million British thermal units, he said.
