Middle East tensions and Iran conflict raise fears of Global Oil Price surge

ISLAMABAD: The ongoing tension in the Middle East and the growing conflict with Iran have created concern in global markets.

Experts say that if the situation worsens further, there could be a significant increase in oil and gas prices worldwide. This situation has made many countries economically cautious.

In recent days, Iran has been retaliating after the attacks by Israel and the United States. Due to these events, the entire Middle East seems to be moving towards a new state of war.

The effects of this conflict are not limited to the region alone, but its effects on the global economy are also becoming noticeable.

According to experts from the energy sector, if the war continues for a long time, oil supplies from the Gulf countries may be affected. This is why there is a fear of an increase in oil prices in the global market.

Qatar’s Energy Minister Saad Al-Kaabi has also warned about this situation. In an interview with foreign media, he said that if the war affects oil and gas production in the Gulf countries, the price of crude oil could reach $150 per barrel. According to him, the ongoing tension in the region could pose a major threat to global energy supplies.

He said that if tensions increase further, energy exporting companies in the Gulf countries could be forced to stop their production within a few days. In such a case, there could be a severe shortage of oil in the global market, which could cause prices to rise rapidly.

The Qatari minister said that a large increase in oil prices would affect the global economy. This could slow down business activities and increase inflation. Even if the conflict ends soon, it could take several weeks or even months for the global supply of oil and gas to fully recover.