Hamza al-Jawahiri warned on Sunday that rising tensions involving the United States, Israel, and Iran could have serious consequences for global energy markets, with oil prices potentially climbing above $80 per barrel.
Speaking to dinaropinions.com, al-Jawahiri said the ongoing military escalation involving United States and Israel against Iran is already putting strong pressure on oil markets.
He explained that the biggest concern is the possibility that Iran could respond by closing the Strait of Hormuz. This narrow waterway is one of the most important oil transit routes in the world, with a large portion of global crude shipments passing through it every day.
According to al-Jawahiri, shutting down the strait would trigger a sharp jump in global oil prices and could push crude well beyond the $80 per barrel level.
He also warned that Iraq would be among the countries most heavily affected if the conflict spreads across the region. Any disruption to shipping in the Strait of Hormuz could impact Iraq’s oil exports and create broader economic consequences for the country.
Global markets are currently watching developments closely. Investors and energy traders remain cautious as military tensions between the United States, Israel, and Iran continue to raise fears about potential disruptions to global oil supplies.
