Sounding a warning, Qatar's energy minister has said all energy producers in the Middle East could shut down exports within weeks if the conflict between US-Israel and Iran continues, driving the price of oil to $150 a barrel. 

As the war entered its seventh day on Friday, the global oil benchmark, Brent crude, rose by 2.53% to $87.57 per barrel. The rise is being driven primarily by the closure of the Strait of Hormuz, which sees nearly 20% of global oil and gas exports flowing through it. 

Kaabi told the Financial Times that crude prices could touch $150 a barrel within two to three weeks if tankers remain unable to pass through the narrow waterway between Oman and Iran. 

Qatar, which accounts for nearly 20% of global supplies of liquefied natural gas, announced on Monday that it was halting production following strikes on its facilities by Iran. 

"Due to military attacks on QatarEnergy's operating facilities in Ras Laffan Industrial City and Mesaieed Industrial City... QatarEnergy has ceased production of liquefied natural gas (LNG) and associated products," the company had said in a statement.

Source:Ndtv