Qatar's Deputy Prime Minister Sheikh Saoud bin Abdulrahman Al Thani warned on Monday that the global energy crisis from the ongoing conflict involving Iran has not yet peaked. Speaking at the Global Security Forum in Doha, he said that more disruptions to energy supplies and international trade are likely in the coming days and months.
Key Details
Al Thani pointed out the risks to Qatar and the wider Gulf region. These include threats to sovereignty and disruptions to energy supplies. He mentioned that Iranian strikes on Qatar’s Ras Laffan industrial complex earlier this year caused major damage, with repairs expected to take several years. "We were surprised" by the attacks, he said. Qatar is now focused on protecting its assets from future threats.
Qatar is also preparing to announce a new regional defense partnership. This partnership aims to counter ballistic missiles and cyberattacks. Al Thani stated that it will involve local defense production and collaboration with allies like the United States, Britain, and France. He stressed the importance of keeping communication open with Iran, saying, "We never stop our communication."
Background
Al Thani cautioned against imposing transit fees on ships passing through the Strait of Hormuz. This route is vital for global oil and liquefied natural gas shipments. He warned that uncertainty in this waterway could hurt consumers worldwide.
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Ongoing tensions and potential disruptions in energy supplies could lead to more volatility in oil and gas markets. Investors may see fluctuations in energy stocks and commodities as worries about supply stability increase.
Watch for further developments in the region and any announcements about the planned defense partnership.
Based on reporting by: euronews.com, aljazeera.com