Micah Jonah
March 6, 2026
Qatar’s Energy Minister, Saad al-Kaabi has warned that continued escalation of the Islamic Republic of Iran conflict could halt Gulf energy exports “within weeks,” potentially destabilizing global markets. He told the Financial Times that prolonged fighting could slow global GDP growth and trigger higher energy prices, shortages, and disrupted supply chains.
Qatar halted liquefied natural gas (LNG) production on Monday after Iranian missile and drone attacks targeted the country and its Gulf neighbours. Qatar’s LNG output accounts for roughly 20% of global supply, critical for both Asian and European markets.
Al-Kaabi added that Gulf producers might soon invoke force majeure legal protection from contractual obligations due to ongoing hostilities. Even if the war ends immediately, returning to normal deliveries could take “weeks to months.”
Energy analyst, Thijs Van de Graaf highlighted that tanker traffic through the Strait of Hormuz has dropped sharply, affecting production from major oil fields in Iraq and other Gulf countries. He warned the disruption could have long-term consequences, noting that restarting oil production is complex and slow.
Meanwhile, Masoud Pezeshkian reiterated Iran’s commitment to regional peace but vowed to defend the country’s sovereignty. The conflict shows no immediate signs of abating, with Iran continuing attacks and US officials warning of further military action.
