Qatar's energy minister has warned the price of a barrel of oil could surge to more than $150 - dragging down global economies. Economists have warned a prolonged spike in oil and gas prices could add to inflation and push central banks to tighten policy. The RAC says if oil prices hit $90 a barrel, the average price at the forecourt will rise beyond 140p a litre for unleaded. Mr Kaabi also warns gas prices could hit four times the level they were before the conflict started. It said a 'persistent shock to energy prices may force the Bank of England to raise rates back above 4 per cent'.

Source: Daily Mail March 06, 2026 18:47 UTC