Egypt warns oil could top $200
- By Reuters -
- Mar 30, 2026
CAIRO, March 30: Egypt’s President Abdel Fattah al-Sisi urged U.S. President Donald Trump on Monday to stop the Iran war and said fears of the oil price going above $200 were not exaggerated.
“I tell President Trump: nobody can stop the war in our region in the Gulf but you,” Sisi said at the Egypt Energy Show 2026 energy conference in Cairo.
Noting the impact of supply shortages and price rises, Sisi cited analysts’ concerns that “the price of a barrel of oil could reach more than $200, and this is not an exaggeration.”
Egypt, long a recipient of U.S. military aid and support from wealthy Gulf countries, has condemned Iranian attacks on Gulf Arab states and pushed diplomatic efforts to avoid a wider regional war.
The secretary-general of the Gulf Cooperation Council bloc, Jasem Mohamed Albudaiwi, urged the international community to protect vital maritime corridors, condemning Iran’s closure of the Strait of Hormuz and its attacks on regional energy infrastructure.
Addressing the conference virtually, he said Iranian aggression was a threat to the world.
“The brutal Iranian threats against energy facilities and the closure of the Strait of Hormuz constitute not only a blatant violation of international law but also a direct threat to global energy,” he said.
The GCC, grouping Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman and Bahrain, has faced drone and missile attacks. The closure of the Strait of Hormuz has choked off a crucial route that previously handled about a fifth of global oil supplies.