Further escalation of the situation in the Middle East, caused by the confrontation between Iran and Israel, could lead to oil prices rising to $200-300 per barrel.
This was stated by Iraqi Foreign Minister and Deputy Prime Minister Fuad Hussein during a telephone conversation with German Foreign Minister Johann Wadeful.
„The continuation of the conflict in the region and the closure of the Strait of Hormuz could lead to serious economic shocks. If military operations begin, oil prices could rise to $200-$300 per barrel.“
“This could lead to higher inflation in European countries and complicate the process of exporting oil to producing countries like Iraq“, Hussein was quoted by the Iraqi news agency INA.
“Closing the Strait of Hormuz could lead to the loss of about five million barrels of oil per day from the Persian Gulf and Iraq entering the oil market“, the head of the Iraqi Foreign Ministry stressed.