Borrell warns of rising oil prices amid escalating Middle East tensions

In an interview with Spanish broadcaster TVE, EU High Representative for Foreign Affairs and Security Policy Josep Borrell expressed concerns that escalating conflicts in the Middle East could lead to a significant increase in oil prices.

Borrell pointed to a recent serious attack by Iran on Israel and highlighted the uncertainty surrounding the potential consequences of this escalation, Caliber.Az reports.

 “Everyone knows that we need to try to avoid further escalation,” he stated, noting that Israel's likely response could have far-reaching implications.

He warned that a major conflict in the region would not only threaten stability but would also have immediate economic repercussions, particularly for oil prices.

“A rise in oil prices would be a serious consequence,” Borrell said, emphasizing that an outright war between Israel and Iran could draw in additional actors and exacerbate the situation further.

By Vafa Guliyeva