Qatar energy minister warns war could push oil prices to $150 a barrel
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RIYADH, March 6, 2026 (Saudi Arabia Breaking News) — The ongoing conflict in the Middle East could force Gulf energy exporters to shut down production within days and push oil prices to $150 a barrel, Qatar’s energy minister Saad al-Kaabi said in an interview with the Financial Times.
Al-Kaabi said crude prices could reach $150 within two to three weeks if tankers and merchant ships remain unable to transit the Strait of Hormuz, a key route for global energy shipments.
Brent crude, the global oil benchmark, is currently trading at about $89 a barrel.
Energy analysts have also warned that oil output across the Gulf could be reduced as storage facilities fill up while exports remain largely halted.
QatarEnergy, the country’s state-run energy company, halted production of liquefied natural gas after an Iranian strike on its facility in Ras Laffan on Monday.
Al-Kaabi said that even if the conflict ended immediately, it could take weeks or months for Qatar to restore normal LNG operations.
Qatar is one of the world’s largest producers of liquefied natural gas, accounting for about 20 percent of global LNG exports, according to the U.S. Energy Information Administration.