PM Warns of Oil Price Volatility, Highlights Diplomatic Push to Sustain Ceasefire

Egyptian Prime Minister Mostafa Madbouly said the country has shown resilience in managing the economic fallout of ongoing geopolitical tensions, noting that international institutions have commended Egypt’s handling of the crisis.

Speaking on recent developments, Madbouly pointed to fluctuations in global oil markets, saying prices had briefly fallen below $90 per barrel before rebounding to around $103 amid renewed tensions and disruptions to supply routes.

He warned that the volatility reflects the broader impact of the conflict on global energy markets, adding that such shifts continue to place pressure on economies worldwide, including Egypt.

The prime minister said Cairo is intensifying diplomatic efforts to preserve a ceasefire and prevent further escalation, working closely with international and regional partners to reach a broader agreement to end the war.

Madbouly further noted that the conflict has had far-reaching consequences beyond the region, affecting global trade, energy supplies and economic stability, underscoring the need for coordinated international action to restore stability.