Baghdad: Iraqi Foreign Minister Fuad Hussain has raised alarms over the potential economic fallout from the ongoing conflict between Israeli forces and Iran, suggesting that oil prices could escalate to unprecedented levels, ranging from USD 200 to 300 per barrel. According to Kuwait News Agency, Hussain conveyed these concerns during a phone conversation with his German counterpart, Johann Wadephul. He emphasized that the conflict could exacerbate inflation across European nations and create significant challenges for oil-exporting countries like Iraq. The Iraqi foreign ministry, in a statement, highlighted that such tensions could disrupt the global oil market, potentially leading to a daily loss of about five million barrels of oil from Iraq and the Gulf region. Further escalation, Hussain warned, might also result in new waves of immigration to Europe, complicating the socio-political landscape. Wadephul, on his part, reiterated Germany's support for Iraq's security and stability, asserting that Iraq s hould remain insulated from any military engagements or the repercussions of this conflict. He stressed the importance of continued negotiations between Iran and the US regarding Tehran's nuclear program, viewing it as a crucial step towards reducing regional tensions.
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