Tensions in the Middle East Could Lead to Severe Consequences

The potential for a prolonged conflict in the Middle East may have serious implications for the global energy market. This warning was issued by Qatar's Energy Minister Saad Al-Kaabi, who noted that escalating tensions could disrupt energy supplies.

He stated that if military actions continue in the region and lead to the blockage of the Strait of Hormuz, the global price of oil could soar to as much as $150 per barrel. In such a scenario, the price of natural gas could also increase, reaching up to $40 per million British thermal units.

Al-Kaabi indicated that in such developments, several countries in the Persian Gulf might halt energy production and exports within weeks. He assessed that this would create significant pressure on the international energy market.

The Strait of Hormuz is regarded as one of the most critical waterways for global oil supply, through which a substantial portion of oil and liquefied gas transits. A potential closure of the strait could severely restrict global energy supplies.