Oil price surge warning Iraq has issued a strong alert that crude prices could skyrocket if Israel-Iran tensions escalate. Foreign Minister Fuad Hussein warned that closure of the Strait of Hormuz would disrupt global oil flows and could push prices as high as $300 per barrel.
During a phone call with German Foreign Minister Johann Wadephul, Hussein explained that ongoing military operations between Israel and Iran threaten vital oil supplies. He stated that a closure of the strait could halt the flow of around five million barrels of oil per day from Iraq and other Gulf countries.
This scenario, Hussein warned, could trigger oil prices to surge between $200 and $300 per barrel. The oil price surge warning reflects growing fears of a regional conflict that could destabilize global energy markets.
He stressed that such a drastic price hike would worsen inflation and hurt both oil-exporting and oil-importing countries. Iraq, heavily dependent on oil revenues, could face serious financial pressure. Meanwhile, other nations could suffer from rising fuel costs and broader economic instability.
Hussein also spoke with other foreign ministers in the region. In each call, he urged leaders to take urgent diplomatic steps to prevent further escalation. He specifically condemned Israeli strikes on Iran and described them as a serious violation of international law and Iraq’s sovereignty.
The oil price surge warning from Iraq highlights the deep concerns in Baghdad over the possibility of a broader regional war. The Strait of Hormuz remains one of the most critical shipping lanes for global oil trade. Nearly 20% of the world’s oil passes through it each day. Any disruption would immediately impact fuel markets worldwide.
Hussein urged the international community to reject Israel’s military actions and to push for peace. He warned that continued confrontation would damage efforts to maintain regional stability and could spark a much larger war with devastating economic consequences.
The oil price surge warning also reflects Iraq’s effort to take an active role in regional diplomacy. Baghdad hopes to reduce tensions through dialogue and prevent conflict from spreading further into neighboring countries.
Iraq continues to emphasize its commitment to sovereignty, peace, and regional cooperation. As tensions rise, officials say that open dialogue and international mediation remain the only path forward to avoid disaster.