Global energy crisis soon? As Israel targets Iran’s South Pars gas field, oil prices may rise further to $200–$300 per barrel, warns Iraqi Minister. Here’s what happened in Middle East conflict

Iraq’s foreign minister warns that the conflict between Israel and Iran could push global oil prices to $200–$300 per barrel. A strike on Iran’s South Pars gas field has reduced production. Further escalation in the region may disrupt exports, cause inflation and affect both energy producers and importers worldwide.