Qatar’s Energy Minister, Saad Al-kaabi, on Friday, said oil price could surge to $150 per barrel in ‘two to three weeks’.
The minister gave the prediction during an interview with the Financial Times.
Citing a possible reason for this, Al-kaabi disclosed that this could be possible if tankers remain unable to pass through the Strait of Hormuz.
Al-Kaabi projected that oil prices “could reach $150 a barrel within two to three weeks if tankers and other vessels remain unable to pass through the strategic waterway”.
On March 2, several major container shipping companies suspended voyages through the Strait of Hormuz and the Suez Canal following heightened security risks triggered by US and Israeli strikes on Iran.
The Strait of Hormuz — a narrow maritime route linking the Persian Gulf with the Gulf of Oman and the Arabian Sea — serves as the main shipping corridor for oil and gas exports from Gulf producers to international markets, making it one of the world’s most critical energy chokepoints.
Al-Kaabi also warned that natural gas prices could spike dramatically if disruptions continue. He said prices might climb to $40 per metric million British thermal units (MMBtu), nearly four times higher than levels seen before the conflict.
The minister cautioned that prolonged instability could compel energy producers across the Gulf to declare force majeure, a legal step 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 that this continues. All exporters in the Gulf region will have to call force majeure,” Al-kaabi said.
“If they don’t, they are at some point going to pay the liability for that legally, and that’s their choice.”
Meanwhile, QatarEnergy announced on March 2 that it had halted liquefied natural gas (LNG) production following Iranian military attacks on its operational facilities.
Addressing the shutdown, Al-Kaabi said authorities are still evaluating the damage caused by the attacks.
“We don’t yet know the extent of the damage, as it is currently still being assessed. It is not clear yet how long it will take to repair,” he said.
He added that even if hostilities end immediately, it could take “weeks to months” before Qatar fully restores normal export operations due to logistical setbacks.
The conflict has also affected Saudi Arabia’s energy infrastructure. Saudi Aramco reportedly shut down its Ras Tanura oil refinery after debris from an Iranian drone attack sparked a fire at the facility.
Global supply disruptions have already begun to affect fuel prices in Nigeria. On March 5, Nigerian National Petroleum Company Limited increased petrol pump prices at its retail outlets to N933 per litre in Lagos and N960 per litre in Abuja.
The price adjustment followed a hike by the Dangote Petroleum Refinery, which raised its ex-gantry price of petrol to N874 per litre from N774 per litre.
