Iraq’s foreign minister has warned that oil prices could rise sharply if the situation escalates, especially if vital energy routes like the Strait of Hormuz are blocked.Iraq’s Deputy Prime Minister and Foreign Minister Fuad Hussein said that oil prices could increase to $200–$300 per barrel. Hussein said that if the Strait of Hormuz is closed, oil exports could fall, affecting Iraq and other producers, an INA news agency report said.Hussein said that the closing of the Strait of Hormuz could remove five million barrels of oil per day from the market. The latest strike worsens this issue and may raise global prices.Oil prices could rise due to the Israel-Iran conflict disrupting exports from the Persian Gulf and closing key trade routes like the Strait of Hormuz.South Pars supplies two-thirds of Iran’s gas.
Author: Global Desk
Published at: 2025-06-15 20:10:39
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