Traders work on the floor of the New York Stock Exchange (NYSE) on March 5, 2026 in New York City.
Spencer Platt | Getty Images
Stock Chart IconStock chart icon
Crude oil prices
Qatar’s energy minister told The Financial Times that Gulf energy producers may need to call force majeure in the coming days, shutting down production in a move that could send oil to $150 a barrel. The conflict in the Middle East could “bring down the economies of the world,” he warned.
“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.”
Shares of Royal Caribbean, which has fallen 14% this week amid increasing fuel costs, fell again on Friday, dropping 5%. Caterpillar shares, which have also suffered this week, were down 2%. Retailer Walmart was marginally lower on fears that higher gas prices would hit consumers.
“Markets remain in risk‑off mode as worries grow about the duration of the conflict and potential disruptions to energy supply,” Angelo Kourkafas, senior global investment strategist at Edward Jones, said. He said that the spike in U.S. oil prices is adding to inflation concerns that could put consumer spending under pressure.
To be sure, Kourkafas added, “structural shifts have reduced U.S. vulnerability to oil shocks. Oil would likely need to remain above $100 for an extended period to meaningfully slow economic growth, in our view. The U.S. has been a net exporter of oil since 2019, and the economy is far less energy‑intensive than it once was.”
This week, the S&P 500 is on pace to shed more than 2%, while the 30-stock Dow has fallen more than 3%. The tech-heavy Nasdaq is tracking for a loss of around 1%.