President Abdel Fattah El-Sisi to caution On Sunday, March 1, any closure of the Strait of Hormuz would disrupt global oil flows, lead to higher energy prices, and further impact the Egyptian economy, including Suez Canal revenues, he said during the annual Iftar of the Armed Forces on the occasion of the anniversary of the 10th of Ramadan victory.
to talk At the event, Sisi said that Egypt is closely monitoring rapidly escalating regional developments and has taken precautionary measures to secure strategic reserves, while studying multiple scenarios to mitigate potential economic repercussions.
President He said Egypt has made efforts in recent months to prevent escalation through mediation between the United States and Iran, warning that wars carry serious consequences not only for the countries concerned but also for its neighbors, especially in light of the development of modern wars.
Sisi male He said that the developments over the past two days were “large and rapid,” stressing that Egypt has constantly called for a halt to escalation and calm, even as he expressed doubt that the fighting would stop in the near term.
he He added He added that Egypt has coordinated with Gulf and Arab leaders to reaffirm rejection of aggression against countries in the region and express solidarity with countries facing security threats.
Sisi stressed the economic risks, saying that any disruption to navigation through the Strait of Hormuz would affect global oil flows and prices, with repercussions on maritime traffic through the Suez Canal. He pointed out that shipping through the canal has not returned to normal levels since October 7, 2023, which has led to financial losses for Egypt.
Reassure citizens, Mr. President He said The country has taken necessary precautions and secured key reserves, although he acknowledged uncertainty about how long the crisis might last.
Sisi too He pointed out He pointed to the cumulative impact of successive global shocks on the Egyptian economy, and urged unity and flexibility as the country continues to face ongoing regional and economic pressures.