Egyptian President Abdel Fattah Al-Sisi has warned against the expansion of the ongoing Middle East conflict, citing serious consequences for global prices, energy supplies, and Red Sea shipping.

Speaking in Cairo during a meeting with Abdel Fattah Al-Sisi and Ajay Banga, President Al-Sisi stressed Egypt’s commitment to peaceful solutions and cautioned that escalating tensions threaten regional stability.

The conflict, now in its third day, involving Iran, the United States, and Israel, has disrupted global markets. Egypt says it has already lost about 10 billion dollars in Suez Canal revenues due to regional instability.

Major shipping companies, including MSC, Maersk and CMA CGM, have suspended routes through the Strait of Hormuz and Bab el-Mandeb, opting instead to reroute around Africa.

Iran’s Revolutionary Guards have reportedly closed the Strait of Hormuz, a strategic passage through which nearly a quarter of the world’s oil and a significant share of liquefied natural gas transit. The move follows strikes involving the United States and Israel, further heightening uncertainty in international markets.

President Al-Sisi also highlighted the mounting economic pressure on Egypt, noting that the country currently hosts around 10 million foreign nationals displaced by conflict. He said Egypt continues to provide public services without receiving corresponding international financial support, as oil and gas prices climb amid ongoing regional disruptions.