Iraq Warns Of Possible Oil Price Surge To $300 Per Barrel

 Iraq Warns Of Possible Oil Price Surge To $300 Per Barrel

 
  Iraq Amr Salem June 15, 2025   Oil tankers and Iranian speedboats in the Strait of Hormuz. 
Baghdad (IraqiNews.com) – The Iraqi Minister of Foreign Affairs, Fuad Hussein, warned on Saturday that the Strait of Hormuz might be closed due to the Israel-Iran confrontation, causing   the global market to lose millions of barrels of oil per day and a  price increase of between $200 and $300 per barrel.
 
Hussein’s remarks took place during his phone conversation with the German Minister of Foreign Affairs, Johann Wadephul, during which he mentioned that if military operations between Iran and Israel continue, the   global market will lose approximately five million barrels per day produced by Iraq and the Gulf States, according to a statement issued by the Iraqi Foreign Ministry.
 
The Iraqi foreign minister stressed that the Israel-Iran confrontation
     will cause an unexpected spike in oil prices,
     aggravating the worldwide inflation issue and
     harming the economy of both oil producers and importers, particularly Iraq.
 
During different phone calls with foreign ministers in the region as part of Iraq’s diplomatic effort to address the rapid developments in the Middle East,
 
Hussein emphasized the gravity of Israel’s military assault on Iran, as well as the serious violation of international law and neighboring countries’ sovereignty, most notably Iraq.
 
Hussein urged the international community to reject the Israeli violations, emphasizing that continued military escalation does not serve regional stability but instead threatens to spark a large-scale conflict with serious security and economic consequences for the region and the world.https://www.iraqinews.com/iraq/iraq-warns-of-possible-oil-price-surge-to-300-per-barrel/