Oil prices surged past $90 per barrel and climbed toward $100 as Qatar’s Energy Minister Saad al-Kaabi warned that prolonged US-Israel strikes on Iran could force all Gulf exporters to halt production within weeks. The effective closure of the Strait of Hormuz has already disrupted global energy flows, with Kuwait cutting output due to storage issues and fears of further Iranian retaliation spreading across the region.

Analysts predict prices could spike to $150 if shipping routes remain blocked, triggering worldwide inflation and economic shocks. Gulf states have urged restraint while preparing contingency plans, as Iranian drone strikes damaged key LNG terminals and forced tankers to reroute.

The crisis threatens to “bring down economies of the world,” according to regional leaders, with Brent crude recording its biggest weekly gains since the pandemic.