United News of Bangladesh

Qatar’s energy minister has warned that escalating war involving Iran could halt energy exports from the Gulf region within weeks, potentially disrupting global markets and affecting economic growth worldwide. Energy Minister Saad al-Kaabi said in an interview with the Financial Times that if the conflict continues for several weeks, it could seriously impact global GDP and energy supply chains. He warned that energy prices would surge and shortages could emerge, triggering a chain reaction that may disrupt industrial production worldwide. The warning comes after Iran launched missile and drone attacks targeting energy facilities in Qatar and other Gulf countries in retaliation for strikes by the United States and Israel. Following the attacks, Qatar temporarily halted production of liquefied natural gas (LNG), which accounts for about 20 percent of global supply and is vital for balancing demand in Asian and European markets. Al-Kaabi said exporters in the Gulf could soon invoke “force majeure,” a legal clause that allows companies to suspend contractual obligations during extraordinary circumstances. He added that even if the conflict ended immediately, it could take weeks or months for Qatar to restore normal energy shipments. Energy analysts also warned that tanker traffic through the Strait of Hormuz, a key route for global oil and gas shipments, has already dropped sharply due to the conflict. Experts said many Gulf producers that rely on the route may have to shut down oil fields if the disruption continues, which could cause longer-term supply problems. Meanwhile, the conflict shows no sign of easing, with US officials warning of further military action against Iran while Tehran continues missile attacks across the region. Iranian President Masoud Pezeshkian said his country remains committed to peace but will defend its sovereignty, blaming the United States and Israel for triggering the conflict.   With inputs from ALJAZEERA