Karachi: Mian Zahid Hussain, President of the Pakistan Businessmen and Intellectuals Forum, has warned of dire global consequences stemming from the escalating conflict between the United States, Israel, and Iran. The conflict, which has resulted in over 3,000 fatalities, including significant losses in Iran and Israel, threatens to destabilize the Gulf region. Strategic infrastructure destruction has created a security vacuum with far-reaching implications.
According to Pakistan Businessmen and Intellectuals Forum, the economic impact of the conflict is already being felt worldwide. The closure of the Strait of Hormuz has disrupted oil and LNG supplies, causing Brent Crude prices to approach $120 per barrel. This energy crisis echoes those of the 1970s and poses a severe threat to global economies, particularly in Europe and Asia. Mian Zahid Hussain cautioned that continued hostilities could further shrink global GDP growth and exacerbate inflation, affecting purchasing power globally.
In contrast to the escalating tensions, Mian Zahid Hussain praised Pakistan's diplomatic efforts. He highlighted a recent phone call between Field Marshall Syed Asim Muneer and President Trump, as well as Prime Minister Mian Shehbaz Sharif's offer to host peace talks in Islamabad. President Trump's social media activity endorsing Pakistan's offer indicates a potential diplomatic breakthrough.
Mian Zahid Hussain emphasized Pakistan's unique position as a mediator, urging international support for the proposed Islamabad summit. He highlighted that a ceasefire is crucial to prevent an energy market collapse and to protect lives. Dialogue remains the only viable path to global stability, he concluded.
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