Egyptian President Abdel Fattah al-Sisi expressed grave concerns regarding the repercussions of the escalating regional crisis and the ongoing war involving the US, Israel, and Iran. Energy security and economic falloutPresident Sisi cautioned that the current crisis could precipitate a severe economic downturn at both regional and international levels if it remains unresolved. Current market forecasts suggest that a prolonged closure of regional maritime straits could threaten to push oil prices to record highs – mirroring shocks seen in previous decades. National resilience amid global shocksAddressing the domestic front, the Egyptian President stressed the paramount importance of national unity. The Egyptian President’s remarks underscore the government’s strategy of prioritizing domestic stability to prevent regional “spillover” from further devaluing the local currency.
