Wednesday, November 13, 2019

US, Iran tensions can push oil beyond $100 a barrel: Mian Zahid


Trump said: Sondland is great American now President’s famous ‘U-turn’

President Donald Trump has a history of distancing himself from associates who have found themselves in legal trouble or...

Babri mosque: Indian Supreme Court ruled in favor of Hindus in a dispute over a religious position with Muslims

India's Supreme Court on Saturday ruled in favor of a Hindu group in a long-running legal battle over a...

France Visa: New point-based skilled immigrant program to be enforced by summer 2020

France will introduce new point-based skilled immigrant program (France Visa), will come to force by summer 2020. French government...
Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at He can be reached at: [email protected]

President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain has expressed concern over rising tensions between the US and Iran terming it a great threat to global peace and GDP.

The global community should play its role in diffusing tensions otherwise, oil prices can jump beyond $100 a barrel leaving dozens of countries and billions of people vulnerable, he said.

The increasing tensions can lead to global unrest, political turmoil and widespread poverty as budgets of all the oil importing countries including Pakistan will take a serious blow, he added.

Talking to the business community, the veteran business leader said that Saudi Arabia, UAE, Kuwait, Qatar, and Iran daily export fifteen million barrel of oil through the strait of Hormuz and its closure will result in a global crisis of high magnitude.

The former minister noted that ships and refineries of many countries including KSA, Norway, and UAE have already been hit which has added to the worries of an unprecedented oil price spike.

On the other hand, the US continues to squeeze Iran, the military presence is being increased in the region and a plan has been initiated to bring down its oil exports to zero which can result in a clash which will be more damaging than wars in Iraq, Libya, and Syria which the situation will also have an impact on Pakistan.

Mian Zahid Hussain said that Iran is being isolated and its growth rate has been estimated to come down by six percent in the current fiscal which can result in a conflict.

He said that EU and other influential countries should play their due role to bring both sides to the table otherwise the world will forget the losses of cold war and trade tensions between the US and China.

Pakistan’s fragile economy is to suffer from the struggle between the US and Iran, therefore, a charter of the economy should not be delayed as the country is also facing many issues including FATF.

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at He can be reached at: [email protected]

Latest News

Venice fills with water after heavy rains and flood

Venice: Destruction and devastation caused by heavy rains on many streets and squares of Italy, which turned into floods...

Napkin stuck in President Trump’s shoes after coming off his car .. Photos

Reuters news agency published pictures of US President Donald Trump as he got out of his car, and was noticed after the descent of...

House committee will hold public hearings on Trump’s accountability next week

The US House of Representatives Intelligence Committee will hold three days of public hearings next week as part of its inquiry into President Donald...

Turkey’s iron woman Miral Akchnar slams Erdogan’s son-in-law on economic downturn

Miral Akchnar, head of Turkey's opposition Al-Khair Party, nicknamed "Iron Woman", launched a fierce attack on Finance Minister Berat Albayrak and brother-in-law of President Recep...

Morales announced departure of Bolivia: “I will return stronger”

Outgoing Bolivian President Evo Morales has confirmed his acceptance of political asylum in Mexico, stressing that he is now heading to Mexico. "My brothers and...
- Advertisement -

Related News