As the US-Iran war enters its seventh day, Americans are already facing rising fuel costs — and one of the world's most powerful energy officials is warning that further disruption lies ahead. Qatar's Energy Minister Saad al-Kaabi said on Friday that crude prices could surge to $150 (approximately £110) a barrel within two to three weeks if ships and tankers remain unable to pass through the Strait of Hormuz—the world's most critical oil export route. Al-Kaabi warned the war could 'bring down the economies of the world', predicting that all Gulf energy exporters would halt production within weeks. Asked about rising fuel costs, President Donald Trump offered a markedly different tone, saying 'If they rise, they rise.'
That response from the White House stands in sharp contrast to the alarm being sounded across global energy markets. US crude oil prices on Thursday topped $80 per barrel as the escalating conflict disrupted global fuel supplies, with traffic in the Strait of Hormuz at a standstill due to attacks on tankers—the biggest single-day price gain since May 2020. By Friday, the situation had deteriorated further, with West Texas Intermediate futures climbing 11.27% to $90.14 (around £67.31) per barrel, while global benchmark Brent rose 8.09% to $92.32 (about £68.99), and US crude gained nearly 35% across the week.
