Iraq Warns Iran-Israel Conflict Could Push Oil Prices to $300 Barrel

Iraq's Foreign Minister Fuad Hussein has warned that ongoing military operations between Israel and Iran could lead to the closure of the Strait of Hormuz, a crucial oil transit route, potentially cutting off about five million barrels per day from Gulf and Iraqi oil exports. This disruption could drive global oil prices to surge as high as $200 to $300 per barrel, exacerbating global inflation and adversely affecting both oil-producing and importing countries, including Iraq. Hussein emphasized the severity of Israeli military actions violating Iraqi sovereignty and called on the international community, including Germany, to take a firm stance against such violations and support diplomatic solutions. Germany expressed its commitment to Iraq's stability and highlighted the importance of reviving nuclear negotiations between Iran, the U.S., and European nations to de-escalate tensions. Analysts note that while current Brent crude prices have risen in response to recent attacks, further escalation could severely impact oil supplies and global markets. Hussein also warned that continued conflict could trigger large-scale migration toward Europe, urging urgent international diplomatic efforts to prevent wider regional and global security and economic consequences.