Qatar’s Energy Minister, Saad al-Kaabi, has issued a dire warning regarding a potential global economic collapse following the total suspension of commercial traffic through the Strait of Hormuz. Al-Kaabi noted that Brent crude prices could surge past $150 per barrel if the military escalation in the Gulf region persists. The warning follows Qatar’s declaration of force majeure on its LNG exports after drone strikes targeted the critical Ras Laffan industrial complex. The freeze in shipping comes amid intense military confrontations involving the U.S., Israel, and Iran, effectively closing the world’s most vital energy chokepoint. Analysts suggest that the halt in energy exports could trigger a massive global GDP contraction and severe energy shortages worldwide. Global markets are reacting with extreme volatility as the prospect of record-high inflation and energy supply shocks becomes an immediate reality.
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