Iraqi FM Warns Regional Conflict Could Disrupt Oil Exports and Threaten Energy Markets

ERBIL (Kurdistan24) - Iraqi Foreign Minister Fouad Hussein warned that the escalating regional conflict poses serious risks to Iraq’s economy and energy sector, stressing that the consequences of the war extend beyond military threats and could disrupt the country’s vital oil exports.

Hussein made the remarks during a phone call with Portuguese Foreign Minister Paulo Rangel on Friday, during which the two officials discussed dangerous regional developments and ways to reduce tensions and move toward de-escalation.

According to a statement released by Iraq’s Ministry of Foreign Affairs, the conversation focused on the growing regional risks and efforts to push the situation toward calm.

During the call, the Portuguese foreign minister expressed his government’s full solidarity with the government and people of Iraq in facing the challenges and attacks targeting Iraqi territory.

He stressed that the ongoing war represents a threat with multiple dimensions, particularly after the conflict expanded to other countries in the region.

Rangel said the Portuguese government would work within the framework of the European Union, and possibly in coordination with NATO, to engage with the United States in order to push for a ceasefire and a return to negotiations.

For his part, Hussein thanked the Portuguese minister and the government of Portugal for their position of solidarity with the Iraqi people.

He warned that the war has produced a range of problems that could evolve into complex crises over time.

Hussein said that the inability to export oil or the reduction of production has already created serious problems and could escalate further, affecting the oil and energy market.

He added that such developments could negatively impact the European economy and might also contribute to internal problems in the United States due to rising gasoline prices.

The Iraqi foreign minister stressed that the dangers facing Iraq are not limited to direct attacks or security breaches.

He said the conflict could also disrupt Iraq’s oil exports if military risks intensify in the Strait of Hormuz.

Hussein emphasized that these risks highlight the need to find a genuine solution to the crisis through a ceasefire and a return to the diplomatic track.

The Portuguese foreign minister concluded the call by expressing his country’s desire to develop bilateral relations with Iraq and announced that Portugal has decided to reopen its embassy in Baghdad after the war in the region ends.