Oil Prices May Hit $150 Soon as Qatar Warns Gulf Energy Output Could Halt
Story: written by Zara March 6,2026
Global oil prices could surge dramatically in the coming weeks after Qatar’s energy minister warned that escalating tensions in the Middle East may force Gulf nations to suspend oil and gas production.
Saad al-Kaabi, Qatar’s Minister of State for Energy Affairs, told the Financial Times that the ongoing conflict in the region could disrupt energy exports and trigger severe economic consequences worldwide.
On Friday, Brent crude oil climbed to $89.17 per barrel, representing a 4.4 percent increase compared to Thursday’s closing price.
Kaabi warned that if tankers are unable to pass through the strategically vital Strait of Hormuz—a critical maritime route responsible for transporting nearly 20 percent of the world’s oil supply—prices could soar to $150 per barrel within two to three weeks.
Shipping activities through the narrow waterway have slowed sharply following the recent conflict involving the United States, Israel and Iran, which erupted last weekend.
According to Kaabi, a prolonged war could have devastating global economic effects.
“If the conflict continues for several weeks, global economic growth will suffer,” he said, warning that rising energy costs could trigger shortages of key products and disrupt industrial production worldwide.
Consumers in several countries, including the United Kingdom, are already experiencing higher fuel costs as both oil and gas prices begin to climb.
Analysts say the situation could mirror the global energy shock triggered by Russia’s invasion of Ukraine in 2022, although current oil and gas prices remain below the record highs seen during that crisis.
Qatar remains one of the world’s largest exporters of oil and Liquefied Natural Gas (LNG). Earlier this week, state-owned energy giant QatarEnergy announced it had temporarily halted LNG production after military attacks targeted its facilities.
Kaabi explained that even if hostilities stopped immediately, restoring full production could take weeks or even months.
The company has also invoked force majeure, a contractual provision that protects suppliers from liability when they are unable to meet delivery obligations due to extraordinary circumstances. Kaabi suggested that other Gulf energy exporters may soon take similar steps if the conflict persists.
