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Middle East conflict

Oil prices may climb to $300 per barrel due to escalation — Iraq’s Deputy PM

Continuation of the conflict in the region and closing of the Strait of Ormuz may lead to serious economic shocks, Deputy Prime Minister and Foreign Minister of Iraq Fuad Hussein said

RABAT, June 15. /TASS/. Further aggravation of the situation in the Middle East caused by the standoff between Iran and Israel may lead to a surge in oil prices to $200-300 per barrel, Deputy Prime Minister and Foreign Minister of Iraq Fuad Hussein said in a telephone conversation with German Foreign Minister Johann Wadephul.

"Continuation of the conflict in the region and closing of the Strait of Ormuz may lead to serious economic shocks. Oil prices may grow to $200-300 per barrel in case hostilities start. This may result in inflation growth in European countries and complicate the oil export process for producing countries, such as Iraq," Hussein said, cited by the INA news agency.

"Closing of the pass [Strait of Ormuz - TASS] may lead to a loss of approximately five million barrels of oil per day from the Persian Gulf and Iraq that are coming to the oil market," he stressed.

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Iran Iraq Israel

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Russian forces consistently enveloping Krasnoarmeysk in Donetsk region — DPR head

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