Oil prices jumped Friday after Qatar warned that ongoing fighting in the Middle East could force Gulf energy producers to halt oil and gas production within days. Qatar’s Energy Minister Saad al-Kaabi said the escalating conflict threatens global supply chains and could severely disrupt the world economy, according to the Financial Times.
Brent crude rose about 4.4 percent to roughly $89 per barrel. Al-Kaabi warned that prices could surge to $150 per barrel if shipping through the Strait of Hormuz remains blocked. The waterway normally carries about 20 percent of global oil shipments.
Oil price jumps after Qatar warns all Gulf production could stop within days https://t.co/ARrN8tRk2s
— BBC News (World) (@BBCWorld) March 6, 2026
Traffic through the strategic corridor has nearly stopped since the United States and Israel launched military operations against Iran last week. Around 200 oil tankers are reportedly stranded in the region.
QatarEnergy has already halted liquefied natural gas production after attacks on its facilities. Analysts warn prolonged disruption could drive higher energy prices and trigger supply shortages worldwide.
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