• Super Admin
• 06 Mar, 2026

Global oil prices could surge to as high as $150 per barrel within weeks if shipping disruptions in the Middle East persist, Qatar's Energy Minister, Saad Al‑Kaabi, has warned. In an interview with the Financial Times on Friday, Al-Kaabi said energy markets were facing serious risks following the suspension of tanker traffic through the strategic Strait of Hormuz. Major container shipping companies halted sailings through the waterway and the Suez Canal on March 2 amid escalating tensions after military strikes by the United States and Israel on Iran. Al-Kaabi said the blockage of shipping routes could quickly disrupt global energy supplies because the Strait of Hormuz is the primary maritime corridor linking oil and gas producers in the Persian Gulf with international markets. "If vessels remain unable to pass through the strategic waterway, crude prices could reach $150 per barrel within two to three weeks," he said. The minister also warned that natural gas prices could spike dramatically if the disruption continues, potentially rising to about $40 per metric million British thermal units (MMBtu) -- nearly four times higher than levels recorded before the conflict. According to him, prolonged instability could force Gulf energy producers to declare force majeure, a legal measure that allows companies to suspend contractual obligations due to extraordinary circumstances. "Everybody that has not called for force majeure, we expect will do so in the next few days if this continues," Al-Kaabi said. "All exporters in the Gulf region will have to call force majeure." Meanwhile, QatarEnergy, the state-owned energy company of Qatar, has already halted production of liquefied natural gas following Iranian military attacks on its facilities. Al-Kaabi said the extent of the damage is still being assessed. "We don't yet know the extent of the damage. It is currently still being evaluated, and it is not clear how long repairs will take," he noted. He added that even if the conflict ended immediately, restoring normal export operations would likely take weeks or even months due to logistical disruptions. The crisis has also affected energy infrastructure elsewhere in the region. Saudi Aramco shut down its Ras Tanura refinery after a fire reportedly triggered by debris from an Iranian drone attack. The supply disruptions have already begun to ripple across international markets, contributing to rising fuel prices in several countries, including Nigeria. On March 5, Nigerian National Petroleum Company Limited increased petrol pump prices to N933 per litre in Lagos and N960 per litre in Abuja. The adjustment came shortly after the Dangote Petroleum Refinery raised its ex-gantry petrol price from N774 to N874 per litre, reflecting mounting pressure on global energy markets as the Middle East conflict continues to threaten key supply routes. Source: https://hallmarknews.com/hormuz-crisis-may-push-oil-to-150-per-barrel-qatar-warns/