Stories

Fri, 06 Mar 2026

Fri, 06 Mar 2026 Oil price at two-year high after Qatar warns all Gulf production could stop within days

Energy Minister Saad al-Kaabi says oil could hit $150 a barrel if the Iran conflict continues over the coming weeks.

* Oil prices have surged by over 9% to reach their highest level in more than two years, topping $93 a barrel.
* Qatar's energy minister warned that all oil and gas exporters in the Gulf will stop production within days due to the conflict in the Middle East.
* The minister predicted that oil could hit $150 a barrel if the Iran conflict continues over the coming weeks, warning that this would bring down global economies.
* Brent crude oil prices have increased by 9%, with consumers already seeing higher petrol and diesel prices at UK pumps.
* The Competition and Markets Authority is "closely monitoring" how petrol station prices develop.
* Household energy bills could rise, although this will not be felt until July when the regulator Ofgem's energy price cap expires.
* Analysts warn that a prolonged halt to oil production in the Gulf would pose a significant risk to the global economy and lead to higher energy costs.
* Qatar has stopped producing liquefied natural gas (LNG) following "military attacks" on its facilities, with other energy exporters expected to follow suit if the war continues.
* The Strait of Hormuz is currently blocked due to the conflict, which could make goods and services more expensive globally.
* Analysts predict that oil prices exceeding $100 a barrel is a "realistic scenario", and governments across the world would likely release their oil reserves if production in the Gulf stops.