Qatar’s Kaabi: Oil prices could surge to $150 a barrel - FT
Qatar’s Energy Minister Saad al-Kaabi said in an interview with the Financial Times (FT) published on Friday that all Gulf energy producers to shut down exports within weeks amid the ongoing war in the Middle East, which involves the United States (US), Israel, and Iran.
Saad al-Kaabi added that the closure of oil facilities could drive oil to $150 a barrel. He further added that Qatar would need “weeks to months" to return to a normal cycle of deliveries, even if the war stops immediately.
Market reaction
The oil price appears to be reacting positively to comments from Qatar's Kaabi. As of writing, WTI US oil trades almost 5% highert to near $82.80, the highest level seen in over 19 months.
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