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Iraqi FM Warns: Closing Strait of Hormuz Could Send Oil to $300 a Barrel

Iraqi Foreign Minister Fuad Hussein warned today in a conversation with his German counterpart that any move to shut down the Strait of Hormuz could have catastrophic economic consequences. “If the Strait of Hormuz is closed, oil prices will reach $200 to $300 per barrel,” Hussein stated. For context, the current price of oil is approximately $75 per barrel.