Qatar Urges Opening Strait of Hormuz as Minister Warns US Gasoline Could Hit $8
Updated
Updated · Energy Intelligence · May 14
Qatar Urges Opening Strait of Hormuz as Minister Warns US Gasoline Could Hit $8
7 articles · Updated · Energy Intelligence · May 14
Saad al-Kaabi said the world is obligated to reopen the Strait of Hormuz, arguing governments will be forced toward a US-Iran deal as shortages of LNG, oil, petrochemicals and fertilizers deepen.
Qatar’s energy minister said physical fuel prices will soon catch up with paper markets, after oil and gas prices stayed relatively subdued despite the Mideast crisis.
$8-a-gallon US gasoline could become reality by July, al-Kaabi said, up from $4.53 now, as higher energy costs squeeze consumers and intensify political pressure.
Qatar remains highly exposed because it has no export route outside the Gulf, and missile strikes on two multibillion-dollar LNG trains are not expected to be repaired much before 2030.
As the Mideast crisis disrupts global supply, which Western nations are best positioned to become the world's new energy superpowers?
With Qatar's LNG offline until 2030, can a US-Iran deal truly avert a long-term global energy and food crisis?
Why does J.P. Morgan predict $60 oil when the world has lost 13 million barrels per day from the Mideast conflict?
2026 Strait of Hormuz Crisis: Oil Price Surge, Global Supply Chain Disruption, and Geopolitical Tensions
Overview
The closure of the Strait of Hormuz, following ship attacks, reported deaths, and Iran’s strikes on Gulf countries, led to a dramatic decrease in transit through this vital chokepoint. This triggered a profound global energy crisis and an unprecedented oil supply shock, causing immediate economic fallout worldwide. Qatar’s halt of LNG production and an official declaration of the Strait’s closure further intensified the disruption. As a result, oil prices surged, supply chains were strained, and inflationary pressures spread across economies, highlighting the vulnerability of global trade and the urgent need for diplomatic solutions to restore stability.