‘Crude to hit $150 per barrel in 2-3 weeks’

Qatar expects all Gulf energy producers to shut down exports within weeks if the Iran conflict continues and drives oil to $150 a barrel, the country’s Energy Minister Saad al-Kaabi told the Financial Times in an interview.

- FPJ News Service

The Qatari Energy Minister 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.