Iraq warns: Oil could hit $300 amid Iran-Israel escalation

Shafaq News/ On Saturday, Iraq’s Foreign Minister Fuad Hussein warned that global oil prices could surge to $300 per barrel if military tensions between Iran and Israel continue to escalate.

The warning came during a phone call with his German counterpart, Foreign Minister Johann Wadephul, as the two discussed rising instability in the Middle East and its potential fallout for Iraq and the broader region.

According to a statement from Iraq’s Foreign Ministry, Wadephul underlined Germany’s commitment to Iraq’s stability, stressing the need to shield the country from the consequences of any wider conflict.

He also pointed to the need to revive nuclear negotiations between Iran, the United States, and European nations as a key step toward de-escalation.

Hussein welcomed Berlin’s position but voiced concern over repeated Israeli violations of Iraqi airspace, describing them as breaches of sovereignty and international law. He further urged Germany and the international community to take a firm stance against such actions.

He concluded by warning that continued escalation could drive new waves of migration toward Europe, calling for urgent international efforts to address the root causes of the crisis and prioritize diplomatic solutions.