Qatar’s Energy Minister, Saad Al-kaabi, has warned that oil prices could surge to $150 per barrel within two to three weeks if tankers remain unable to pass through the Strait of Hormuz due to escalating tensions between the US, Israel, and Iran.
The Strait of Hormuz is a critical waterway connecting the Persian Gulf to global markets, handling roughly a fifth of global oil and gas shipments.
Al-kaabi stated that energy markets could face severe disruptions if maritime traffic through the strait remains blocked, and natural gas prices could climb to $40 per metric million British thermal units (MMBtu) if supply disruptions continue.
QatarEnergy, the state-owned energy company, has halted liquefied natural gas (LNG) production due to Iranian military attacks on its facilities.
The conflict has led to increased petrol prices in Nigeria, with the Nigerian National Petroleum Company (NNPC) Limited raising prices to N933 per litre in Lagos and N960 per litre in Abuja.
