Saad al-Kaabi has warned that the escalating conflict involving Iran could trigger a global energy crisis capable of “bringing down the economies of the world”.
The Qatari energy minister said the war could force oil exporters across the Middle East to halt production within weeks, potentially pushing oil prices above $150 a barrel and weighing heavily on global economic growth.
He added that even if hostilities ended immediately, it would take Qatar “weeks to months” to restore deliveries to normal levels.
Qatar — the world’s second-largest producer of liquefied natural gas — has already been forced to suspend output at its Ras Laffan Industrial City facility after Iranian drone strikes.
Energy markets reacted sharply to the comments. Brent crude rose as much as 2.6% to $87.66 per barrel, while West Texas Intermediate climbed around 4% to above $84 a barrel.
WTI has now surged more than 25% this week, marking its largest weekly increase since 2022 as fears grow over potential disruptions to global oil and gas supplies.
Russia says Iran conflict is fuelling demand for its energy exports
Russia said the war involving Iran has increased global demand for Russian oil and gas, as energy markets react to disruptions in the Middle East.
The comments came a day after the administration of Donald Trump eased sanctions to allow India to purchase Russian crude that had been stranded at sea.
The conflict, now in its seventh day, has effectively shut down the Strait of Hormuz, cutting off access to roughly a fifth of global oil and liquefied natural gas supplies.
Kremlin spokesman Dmitry Peskov said Russia remained a dependable energy supplier, delivering oil and gas through both pipeline networks and liquefied natural gas shipments.
