Gulf oil export halt could push prices to $150 per barrel: Minister

Qatar’s Energy Minister Saad Al-Kaabi warned that a halt in oil exports from Gulf countries within weeks could push crude prices to around $150 per barrel.

"Everybody that has not ⁠called for force majeure we expect will do so in the next few days ​that this continues. All exporters in the Gulf region will have to call force majeure," Al-​Kaabi told the FT.

He forecast ⁠that crude prices could hit $150 a barrel in two to three weeks if ships and tankers were unable to pass through the Strait of Hormuz, which is the world's most ⁠vital ​oil export route, connecting the biggest Gulf oil producers ​with the Gulf of Oman and the Arabian Sea.