Qatar Minister Predicts Oil Prices Could Hit $150 Soon

Saad Al Kaabi, the Minister of Qatar Energy, issued a warning that global oil prices may surge to $150 per barrel within the next two to three weeks. This forecast was made during a Friday interview with Financial Times, citing escalating tensions in the Middle East, particularly the ongoing conflict between the United States and Iran.

Al Kaabi noted that if the situation continues, Qatar may have to shut down its energy exports. He highlighted that the Iranian drone strike on Qatar's largest liquefied natural gas plant could lead to significant disruptions in oil supply.

The Strait of Hormuz, a critical maritime trade route through which a fifth of the world's oil passes, has become increasingly unsafe for tanker vessels. The U.S.

Navy has begun escorting ships in the strait to provide additional security. Al Kaabi's forecast also indicates that the recent strike at the Ras Laffan plant could have ripple effects across various economies, including Nigeria, which has already seen a rise in the price of premium motor spirit.