Egypt's Sisi warns that oil prices could reach $200 and says that only Trump can end war.
Abdel Fattah al-Sisi, Egypt's president, called on U.S. President Donald Trump to end the Iran War, saying that only he was capable of doing so. He also warned that fears about the oil price going above $200 per barrel were not exaggerated.
Sisi told President Trump that he alone could stop the Gulf War in our region. "Please, Mr. President, please. Please help us end the war. "You are capable of it," he said.
Egypt, which has long received military assistance from the United States and financial support from wealthy Gulf states, has also condemned Iranian attacks against Gulf Arab countries and encouraged diplomatic efforts to prevent a regional war.
Fear of price increases and double shocks in the form of shortages
Sisi said at the conference that the war would trigger a double shock of shortages in supplies and price increases, whose full impact has yet to be felt.
He said: "I am afraid that targeting energy installations, whether they are production or refineries will have serious repercussions on the global economy and fuel costs." "The price of a barrel oil could rise to more than $200," market watchers warned.
Sisi warned of an upcoming crisis in?global food supply, pointing out that any disruptions in fertilizer exports would have a major impact on prices.
He said that wealthy countries may be able absorb the impact, but middle-income economies and fragile ones could suffer a severe impact.
Egypt and Israel are in diplomatic relations ever since the 1979 peace treaty which returned the Sinai Peninsula to Egypt, after Israel captured it during the 1967 war. The relationship between Egypt and Israel is sometimes referred to as a "cold peace",?and Cairo's long-standing concern that Palestinians from Gaza could be forced across its border. Sisi credited Trump for ending the Gaza war, noting that he also had said that only the U.S. 'president could end that conflict prior to a ceasefire being signed in the Egyptian city of 'Sharm el-Sheikh last November.
GCC?SEC GEN SAYS IRANE ATTACKS VIOLATE INTERNATIONAL LAW
Jasem Mohammed Albudaiwi, Secretary-General of the Gulf Cooperation Council, urged the international to protect the vital maritime corridors. He condemned Iran's closing of the Strait of Hormuz, and its attacks against regional energy infrastructure.
He?said that the Iranian aggression is a danger to the entire world.
He said: "The Iranian threats against energy installations and the closing of the Strait of Hormuz are not only a flagrant?violation of International Law but also a direct threat to global energy." GCC members - Saudi Arabia, United Arab Emirates (UAE), Qatar, Kuwait and Oman - have been targeted by drones and missiles. The Strait of Hormuz closure has cut off an important route that handled about a quarter of global oil supply.
(source: Reuters)
