Crude oil prices have risen for a fifth consecutive day following a warning from Qatar’s energy minister, Saad Sherida al-Kaabi, that if the Persian Gulf can't reopen, crude oil prices could reach $150 per barrel. This comes as the region produces over 20% of the world's crude oil and a similar amount of liquid natural gas, reaching global customers via the Strait of Hormuz, a key player in global energy supplies and shipping routes. However, the strait is effectively closed due to Iranian naval forces' fire on ships and maritime insurers' refusal to cover losses in the event of attacks. The conflict could bring down the economies of the global economy, potentially leading to a drop in global oil prices. The U.S. national average price of gasoline reached $3.32 per gallon, up 11.3% on the week and nearly 17% this year. The long-run expectation is for crude and gasoline prices to fall back if a ceasefire is achieved, but it is unclear if the situation is resolved. President Donald Trump and Defense Secretary Pete Hegseth are set to meet with defense contractors to discuss faster weapons construction.