Oil Tops $90 After Qatar's $150 Warning
Qatar's energy minister Saad al-Kaabi warned oil could hit $150 a barrel. This could happen if the Iran conflict continues for weeks.
The Iran conflict could stop all Gulf oil production. Qatar warned this could happen within days.
Brent crude already topped $90 after the warning. Qatar's gas producer said restoring supplies will take weeks or months. Global economies will suffer if war continues and supplies stay halted.
Klear Note — Oil prices rise when supply shrinks. The Gulf produces about one-third of world's oil. War there threatens global energy supplies and economy.
Key Terms 3
- Brent crude A standard type of oil used to set global oil prices
- Gulf production Oil and gas made in countries around the Persian Gulf
- barrel A unit used to measure oil; one barrel equals about 159 litres