Qatar’s Energy Minister, Saad Al-Kaabi, has warned that crude oil prices could reach $150 a barrel within two to three weeks if tankers remain unable to pass through the Strait of Hormuz.
The warning follows the suspension of major shipping lines through the Strait and the Suez Canal after US and Israeli strikes on Iran, which disrupted the movement of oil and gas from the Persian Gulf.
Al-Kaabi also said natural gas prices could rise to $40 per million British thermal units if the disruption continues, and Gulf energy producers may declare force majeure, halting deliveries.
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QatarEnergy has already stopped liquefied natural gas production while Saudi Aramco shut its Ras Tanura refinery following Iranian drone attacks. The minister said restoring normal operations could take weeks to months, even if hostilities end immediately.
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