Iraqi Foreign Minister warns: Oil prices could soar to $300 per barrel.

Iraqi Foreign Minister Hossein warned in a phone call with the German Foreign Minister that the escalating tensions in the Middle East and the potential closure of the Strait of Hormuz could lead to oil prices rising to $300 per barrel. Hossein stated that if multiple military actions were to break out, oil prices could rise to between $200 and $300 per barrel, significantly increasing inflation rates in European countries and complicating oil exports for oil-producing countries like Iraq. He added that the closure of the key transportation route of the Strait of Hormuz would result in a daily reduction of approximately 5 million barrels of oil supply in the global market.