The escalating conflict in the Middle East could send the commodity skyrocketing โ Foreign Minister
Escalating tensions in the Middle East and a potential closure of the Strait of Hormuz could drive oil prices up to $300 per barrel, Iraqi Foreign Minister Fuad Hussein warned during a phone conversation with German Foreign Minister Johann Wadephul.
On Friday morning, Israeli jets bombed military and nuclear sites across Iran, kicking off an ongoing exchange of hostilities between the two countries.
According to Hussein, oil prices could surge to between $200 and $300 per barrel โif military operations were to break out, which would significantly increase inflation rates in European countries and complicate oil exports for producing states such as Iraq.โ
The closure of the Strait of Hormuz, a key transport route, could โresult in the loss of approximately five million barrels per day from Gulf and Iraqi oil supplies in the global market,โ the Iraqi foreign minister was quoted as saying.
Iraqi Foreign Minister Warns of Possible Oil Price Rise to $300 Per Barrel
— Dagny Taggart (@DagnyTaggart963) June 14, 2025
Fuad Hussein, Iraqi Foreign Minister, said that if the conflict in the Middle East escalates further, oil prices could reach $300 per barrel.
After Israeli strikes, the price of Brent crude oil rose byโฆ pic.twitter.com/AebSRSmcA5
