Qatar's Energy Minister Saad al-Kaabi warned that escalating conflict in the Middle East could force all Gulf energy producers to halt exports within weeks, potentially driving crude oil prices to $150 per barrel.

In an interview with the Financial Times published early Friday, al-Kaabi, who also heads state-owned QatarEnergy, said Gulf exporters expect to declare force majeure soon if the war continues. "Everybody who has not called for force majeure we expect will do so in the next few days if this continues. All exporters in the Gulf region will have to call a force majeure," he stated.

He forecasted oil prices could hit $150 a barrel in two to three weeks if tankers cannot pass through the Strait of Hormuz, a chokepoint for about 20 percent of global oil trade. Natural gas prices could climb to $40 per million British thermal units, nearly four times pre-war levels.

QatarEnergy halted liquefied natural gas production on Monday after an Iranian drone struck its Ras Laffan facility, the world's largest LNG complex, accounting for roughly 20 percent of global supply. Saudi Arabia suspended output at its biggest refinery following attacks, while fields in Israel and Iraq's Kurdistan region also shut down.

The conflict erupted on February 28 when the United States and Israel launched strikes on Iranian targets, prompting Tehran to retaliate with missiles and drones against Gulf states, U.S. bases, and shipping in the Strait of Hormuz. Traffic through the strait has stalled for days after Iran attacked vessels.

Benchmark Brent crude settled at $85.49 per barrel on Thursday, up more than 5 percent and over 15 percent since Friday amid the disruptions. JP Morgan analysts warned production losses could exceed 4 million barrels per day if the war persists.

Al-Kaabi emphasized recovery challenges, noting even an immediate end to hostilities would require weeks to months for Qatar to resume normal LNG deliveries. The halt already delays QatarEnergy's North Field expansion, originally set for mid-2026.

He cautioned of broader fallout: "If this war continues for a few weeks, GDP growth around the world will be impacted." Higher energy costs, product shortages, and factory shutdowns could ripple globally, he added.