Global oil markets surged sharply on Friday as Qatar warned that escalating tensions in the Middle East could force Gulf energy producers to halt exports, potentially pushing crude prices to $150 per barrel. The announcement sent shockwaves through international markets, highlighting risks to energy security and supply chains.
West Texas Intermediate crude rose 4% to $84.12 per barrel, while Brent crude climbed 2% to $87.12, marking the steepest weekly gains since Russia’s 2022 invasion of Ukraine. The surge reflects concerns over regional instability affecting global oil transportation and trade routes.
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Qatari Energy Minister Saad al-Kaabi cautioned that the blockade of the Strait of Hormuz could escalate into a force majeure situation for all Gulf exporters if the conflict continues, further tightening global supply and driving prices higher.
Qatar had already suspended its liquefied natural gas production, which accounts for roughly 20% of the world’s supply, after Iran retaliated against Israeli and US strikes targeting Gulf countries. Kaabi warned that prolonged disruptions could trigger shortages of essential energy products worldwide.
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The minister also highlighted the broader economic consequences, stating that continued conflict could slow global GDP growth, cause energy prices to spike, and disrupt industrial operations dependent on reliable fuel and gas supplies. He projected natural gas prices could reach $40 per million British thermal units if tensions persist.
Market analysts expect volatility to remain high in the coming weeks, as traders and governments monitor developments in the Gulf region. Any prolonged blockade or escalation could trigger cascading effects across global energy markets, affecting consumers and industries alike.