Egyptian President Abdel Fattah El-Sisi directions They called on the authorities to study the possibility of referring price manipulators to military courts, warning against exploiting the current regional situation to raise costs for consumers.
This came during the Ramadan Iftar ceremony hosted by the Egyptian Military College, in the presence of Prime Minister Mostafa Madbouly, senior military commanders, ministers, media figures, and students of military colleges.
During his speech, Sisi touched on the ongoing tensions and conflicts in the Middle East, saying that Egypt worked to prevent escalation because wars bring “destruction, devastation, and harm to the interests and capabilities of peoples.” He added that Cairo was continuing mediation efforts and stopping the fighting, warning that a prolonged conflict would have a “heavy cost.”
The President also acknowledged that the regional crisis could have economic consequences, including potential impacts on prices in Egypt. He urged citizens to take responsibility and rely on an informed understanding of the situation.
Al-Sisi stressed that the authorities must ensure that merchants or companies do not exploit the current conditions to manipulate or inflate the prices of basic commodities. He said that the government is studying legal procedures, including the possibility of referring violators to military courts, pointing out that the country is facing conditions similar to a “state of emergency.”
Ripple effects of the global economy
Military escalation in the region more Global energy markets are experiencing a state of uncertainty due to risks threatening major oil transit routes, such as the Strait of Hormuz, through which about a fifth of the world’s oil usually passes. Any disruption to the corridor could push energy prices up sharply and fuel inflation globally.
Its oil prices actually Oil prices rose amid fears of supply disruptions, while tanker shipping costs and insurance premiums for ships operating in the region rose.
Financial markets have too becomes More volatile. The US dollar strengthened as investors sought safe-haven assets amid rising geopolitical risks and rising energy prices.
Economists warn against this For long periods Instability in the Middle East could lead to a new wave of global inflation and slow economic growth if oil supplies are disrupted or shipping lanes remain unsafe.