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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