Iraqi MFA: Oil prices could soar to $300 amid Middle East escalation

Further escalation in the Middle East, driven by the conflict between Iran and Israel, could push oil prices to $200–$300 per barrel, Iraq's Foreign Minister and Deputy Prime Minister Fuad Hussein, said in a phone call with German Foreign Minister Johann Wadephul, Report informs via the Iraqi News Agency INA.

"Continued conflict in the region and a closure of the Strait of Hormuz could lead to severe economic shocks. In the event of full-scale military operations, oil prices could rise to $200–$300 per barrel," Hussein said, as quoted by INA.