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  "path": "/money/oil-prices-surge-economy-qatar-warning",
  "publishedAt": "2026-03-06T12:05:54.000Z",
  "site": "https://www.gbnews.com",
  "tags": [
    "Major Qatari oil producer declares it won't fulfil contracts after Iran drone strikes",
    "European markets surge 50% after Qatar halts production: ‘Gas prices could more than double",
    "Households warned energy bills could hit £2,500 a year as Iran conflict pushes gas prices to three-year high",
    "The GB News Editorial Charter"
  ],
  "textContent": "\n\n\nOil prices could surge to more than $150 per barrel if the Middle East conflict continues, Qatar’s Energy Minister has warned, raising fears of major economic disruption across the world.\n\nSaad al-Kaabi said such a dramatic increase in oil prices would have severe consequences for global growth and trade.\n\n###\n\n\n\n\nMr Kaabi told the Financial Times: \"If this war continues for a few weeks, GDP growth around the world will be impacted.\n\n\"Everybody's energy price is going to go higher.\"\n\n###\n\n\n\n\nTRENDING\n\nStories\n\nVideos\n\nYour Say\n\n###\n\n\n\n\nCrude prices have already climbed sharply during the past week.\n\nBrent crude is currently trading at around $85 per barrel after spending most of the year between $60 and $65.\n\nThe rise represents an increase of nearly 20 per cent over the course of the week.\n\nEnergy markets are now experiencing their most significant weekly surge since 2022 as the conflict in the Middle East creates growing uncertainty over global supply.\n\nTensions have escalated further after Iran effectively closed the Strait of Hormuz.\n\nThe shipping channel is one of the world’s most important energy routes and carries roughly 21 million barrels of oil every day.\n\n###\n\n\n\n\n###\n\n\n\n\n###\n\n\n\n\nThis volume accounts for around one-fifth of global oil trade.\n\nMr Kaabi warned that the disruption could worsen if energy producers in the Gulf region are forced to halt production.\n\nHe said the suspension of production would push oil prices significantly higher.\n\nMr Kaabi added that additional Gulf countries could declare force majeure in the coming days.\n\nEven if the conflict ends quickly, he said oil and gas production cycles could take weeks or months to return to normal levels.\n\nAn Iranian drone strike earlier this week damaged Qatar’s largest liquefied natural gas facility, highlighting the risks facing energy infrastructure in the region.\n\n### LATEST DEVELOPMENTS\n\n\n\n\n  * Major Qatari oil producer declares it won't fulfil contracts after Iran drone strikes\n  * European markets surge 50% after Qatar halts production: ‘Gas prices could more than double\n  * Households warned energy bills could hit £2,500 a year as Iran conflict pushes gas prices to three-year high\n\n\n\n###\n\n\n\n\n###\n\n\n\n\nThe surge in global energy prices is already affecting consumers in the UK.\n\nPetrol prices have begun rising in recent days as oil markets react to the escalating conflict.\n\nThe RAC said that if oil reaches $90 per barrel, the average price of unleaded petrol at forecourts would exceed 140p per litre.\n\nAt $100 per barrel, the organisation estimates motorists would face prices of around 150p per litre.\n\nVolatility in wholesale energy markets has also begun affecting the tariffs available to British households.\n\n###\n\n\n\n\n###\n\n\n\n\nSeveral energy suppliers have withdrawn fixed-rate deals from sale as companies respond to rapid price movements.\n\nThere are growing concerns that the Ofgem energy price cap could increase significantly in July if the conflict continues.\n\nGas prices have also surged sharply in recent days.\n\nMr Kaabi warned that natural gas costs could rise dramatically if supply disruptions continue.\n\nHe said gas prices could reach four times their pre-conflict levels.\n\nSuch increases would place additional pressure on household budgets across the UK and other countries.\n\nEconomists have warned that sustained increases in energy prices could have wider economic consequences.\n\nHigher oil and gas costs could push inflation higher and complicate efforts by central banks to lower interest rates.\n\nJoshua Mahony, chief market analyst at Scope Markets, said energy markets are increasingly reacting to the risk of a prolonged conflict.\n\n###\n\n\n\n\n###\n\n\n\n\nMr Mahony said: \"Oil prices have continued to rise, as we head towards the biggest weekly gain in four years as hopes of a swift resolution in Iran fade.\n\n\"For markets, they are waking up to the possibility of a sharp increase in energy costs and inflation if this conflict runs on for weeks.\"\n\nMr Kaabi also warned that disruption to energy exports could affect wider trade flows between the Gulf and the rest of the world.\n\n\"In addition to energy, there will be a halt on all other trade in between the [Gulf] and the world, which will have a significant effect on the economies of the [Gulf] and all the trading partners around the world.\"\n\nOil prices briefly retreated on Thursday after the United States indicated it could intervene to contain rising costs.\n\nWashington signalled it may take steps to stabilise markets, including measures allowing the Treasury to trade oil futures in an attempt to curb price volatility.\n\n###\n\n\n\n\n\n\n\n\n\n\n**Our Standards:The GB News Editorial Charter **",
  "title": "Oil prices could 'bring down the economies of the world' as Qatar warns prices could surge to $150 a barrel"
}