Qatar’s Energy Minister has issued a stark warning that escalating military conflicts between the US-Israel alliance and Iran could precipitate a worldwide economic crisis. Saad al-Kaabi stated that recent attacks on Gulf energy infrastructure could force regional exporters to declare force majeure within days, potentially driving oil prices to $150 per barrel.
The minister emphasized that continued hostilities would cripple global GDP growth, create energy price surges worldwide, and trigger supply chain disruptions affecting manufacturing sectors globally. Recent Iranian drone strikes have already impacted critical energy facilities in Qatar’s Ras Laffan and Mesaieed industrial cities, prompting Qatar Energy—the world’s largest LNG producer—to suspend liquefied natural gas production.
Financial markets have already responded to the escalating tensions, with Brent crude climbing 2.5 percent to $87.6 per barrel on Friday, reaching its highest level since the conflict began. The minister projected that blockade scenarios involving the Strait of Hormuz—through which one-fifth of global oil and gas passes—could push crude prices to $150 within weeks.
Additionally, Kaabi predicted natural gas prices could quadruple to $40 per million British thermal units, while warning that broader trade disruptions between Gulf states and global partners would create significant economic repercussions for all trading nations. The situation represents the most serious threat to global energy security since the beginning of the conflict.