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.
Speaking during an Iftar banquet hosted by the Egyptian Police Academy on Sunday, the President voiced his hopes for a swift conclusion to the hostilities, emphasizing the need to prevent the conflict from expanding in a manner that harms regional states and their populations.
This comes as “Operation Roaring Lion”—the joint US-Israeli campaign launched on February 28—enters a more aggressive phase, with airstrikes now reaching deep into the Iranian capital.
Energy security and economic fallout
President Sisi cautioned that the current crisis could precipitate a severe economic downturn at both regional and international levels if it remains unresolved.
He specifically highlighted the projected surge in global petroleum prices as a primary driver of this potential instability.
As a net importer of petroleum products, Egypt remains acutely vulnerable to these shifts; any sustained spike in global Brent prices directly threatens the national budget and heightens the cost of domestic subsidies.
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 shocks
Addressing the domestic front, the Egyptian President stressed the paramount importance of national unity.
He implored his citizens to act with wisdom and foresight to ensure the nation navigates the current turmoil safely.
Reflecting on recent history, Sisi noted that while the past five years have been economically challenging due to successive global shocks, Egypt has proven its resilience by successfully overcoming these hurdles.
This appeal for unity refers to a period of unprecedented strain on the Egyptian economy. Since 2020, the country has navigated the economic fallout of the COVID-19 pandemic, the supply chain disruptions of the Russia-Ukraine war, and the recent loss of Suez Canal revenue due to Red Sea instability.
The Egyptian President’s remarks underscore the government’s strategy of prioritizing domestic stability to prevent regional “spillover” from further devaluing the local currency.
