Qatar Energy Minister Says Middle East War Could ‘Bring Down World Economies’

Oil could hit $150 in weeks if shipping through Hormuz collapses, forcing Gulf exporters to declare force majeure, Saad Al-Kaabi said.

Saad al-Kaabi, then-chief executive of Qatar Petroleum, gestures as he speaks to reporters in Doha, Qatar, on July 4, 2017. REUTERS/Naseem Zeitoon

Qatari Energy Minister Saad Al-Kaabi has said that the conflict in the Middle East could “bring down the economies of the world.”

Al-Kaabi, who is also the CEO of QatarEnergy, told the Financial Times on March 6 that oil prices could soar to $150 a barrel within two to three weeks if tankers and other merchant vessels are unable to pass through the Strait of Hormuz.