Iraqi Prime Minister Sounds Alarm On Israel-Hamas Conflict's Impact On Oil Supply

Iraqi Prime Minister Mohammed Shia al-Sudani issued a stark warning on the potential consequences of the Israel-Hamas conflict extending into neighboring regions.

What Happened: Speaking at an international summit in Egypt on Saturday, the prime minister voiced concerns about the impact such a scenario could have on the global oil supply.

Al-Sudani was apparently making a reference to Iran-backed militias launching attacks on U.S. bases in Iraq and Syria, as well as their intent to intervene if Hamas faces threats.

The prime minister also emphasized Iraq's rejection of the evacuation of Gaza, citing the Palestinians' connection to their homeland. He also called for an immediate ceasefire and a prisoner exchange to resolve the ongoing conflict, while alluding to the importance of respecting U.N. Security Council resolutions, according to the Associated Press. 

Al-Sudani cautioned that the current conflict could trigger global security concerns, escalate regional tensions, jeopardize energy supplies, worsen economic crises, and incite further conflicts.

Also Read: How The Israel-Hamas Conflict Could Impact Oil Markets

In the stock market, oil companies like ExxonMobil Corporation XOM and Chevron Corporation CVX could be closely impacted by any disruptions in the oil supply. Additionally, exchange-traded funds (ETFs) such as the United States Oil Fund, LP (USO) and the Energy Select Sector SPDR Fund (XLE) are likely to experience volatility in such a scenario.

In other news, aid shipments have begun arriving in the blockaded Gaza Strip, two weeks after Hamas attacked southern Israel.

Now Read: Investors Are Running To These Assets Amid The Israel-Hamas Conflict

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo: Shutterstock