Iraqi FM Warns of Skyrocketing Oil Prices

Iraq's Deputy Prime Minister and Foreign Minister, Fuad Hussein, has cautioned that the continuation of Israeli and Iranian military operations may lead to the closure of the Strait of Hormuz, which could result in the loss of up to five million barrels per day of oil exports from the GCC and Iraq.

He warned that this could drive oil prices to US$200-US$300 per barrel, exacerbating the global inflation crisis and negatively impacting both producing and importing countries, including Iraq. The Minister made his comments during a phone call with Germany's Federal Minister for Foreign Affairs, Dr. Johann Wadephul.