Qatar's energy minister is sounding the alarm that oil prices could soar above $150 a barrel as war in the Middle East shakes global markets and threatens to hammer economies worldwide.

Saad al-Kaabi told the Financial Times that such a spike would "bring down the economies of the world" as crude prices surge and fears mount over worsening supply disruptions.

The price of oil jumped about 7% to more than $90 a barrel after spending much of the year in the $60 to $70 range. Oil is now on track for its biggest weekly gain since 2022, with Brent crude rising nearly 30% this week as the conflict intensifies.

Al-Kaabi warned that if fighting drags on, the economic fallout will spread quickly.

"If this war continues for a few weeks, GDP growth around the world will be impacted," he said. "Everybody's energy price is going to go higher."

"There will be shortages of some products, and there will be a chain reaction of factories that cannot supply," al-Kaabi added.

He also warned that Gulf energy exporters could be forced to halt production, which would drive oil prices even higher. Even if the war ends soon, he told the Times, it could take weeks or months for production cycles to return to normal.

The warning follows an Iranian drone strike earlier this week on Qatar's largest liquefied natural gas plant.

Now in its seventh day, the conflict has sent energy markets into turmoil, especially after Iran effectively shut the Strait of Hormuz, one of the world's most important oil shipping routes. Roughly 21 million barrels per day — about one-fifth of global oil trade — pass through the waterway.

Qatar, the world's second-largest producer of liquefied natural gas, is also warning of broader fallout in gas markets.

Al-Kaabi said Asian buyers are likely to scramble for available supply, pushing prices higher worldwide, and told the Times he expects more Gulf countries to declare force majeure in the coming days.

"In addition to energy, there will be a halt on all other trade in between the [Gulf] and the world, which will have a significant effect on the economies of the [Gulf] and all the trading partners around the world," al-Kaabi said.

Analysts warn the spike in oil and gas prices could reignite inflation and hammer consumers with higher fuel and household energy bills.

Ruth Curtice, chief executive at the Resolution Foundation, a nonpartisan British think tank, told the financial website This Is Money that sustained increases in oil and gas prices could drive inflation back up to 3% "by the summer."

Helen Miller, director of the Institute for Fiscal Studies, added, "If war in the Middle East drags on, that will be unambiguously bad news for all of us."

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