The Iraqi Foreign Minister warned of the risk of rising oil prices to $300

A further escalation of the conflict in the Middle East could result in a significant increase in oil prices — up to $300, the Iraqi News Agency (INA) reported on Saturday, June 14, citing a statement from the country's Foreign Ministry.

According to the agency, Iraqi Foreign Minister Fuad Hussein held a telephone conversation with German Foreign Minister Johann Wadefoul, during which they discussed the unstable situation in the Middle East, security issues and possible consequences.

"The continuation of the conflict in the region and the closure of the Strait of Hormuz could lead to serious economic shocks, [such as] the possibility of oil prices rising to $200-300 per barrel in the event of hostilities, which could worsen inflation in European countries and complicate the process of oil exports for producing countries such as Iraq," INA quoted Hussein as saying.

Iran's revenge: Iran is ready to continue military operation against Israel

What could be Tehran's next step and is a direct conflict with the United States possible?

On June 13, Israel launched a preemptive strike against Iran and declared a state of emergency. In this regard, Israeli Prime Minister Benjamin Netanyahu said that the purpose of the military operation is to strike at Iran's nuclear infrastructure. In response, Iran launched several waves of missile attacks.

On June 14, it became known that Israel had attacked an oil storage and fuel tank in Tehran.