The Globe and Mail reports in its Saturday edition that oil prices approached $100 a barrel after Qatar's Energy Minister warned that Persian Gulf exporters might halt energy production within days (all figures U.S.). The Globe's Jeffrey Jones writes that the escalating conflict involving the U.S., Israel and Iran is raising fears of global oil and gas supply disruptions. Saad al-Kaabi said that Gulf producers may have to declare force majeure soon, which could push crude prices up to $150 a barrel. Global benchmark Brent oil jumped above $94 a barrel after the interview was published. Brent later pared gains to $92.69. West Texas Intermediate spiked more than 12 per cent to $90.90. The minister warned that global GDP growth could be hindered if the war continues for weeks. Data provider Kpler is predicting Kuwait will have to shut off more output because its tanks would otherwise fill up in 12 days. Energy prices have surged due to the closure of the Strait of Hormuz. Oil prices are being pushed higher as the market struggles to assess how long Iran's forces can withstand the U.S. and Israeli bombardments to keep jeopardizing energy facilities and vessels throughout the region, said Prices Futures Group's Phil Flynn.