Underlining the global ramifications of the conflict for the world, including the Global South, Europe and the US, if oil prices rise further, he said US President Donald Trump has "committed a huge mistake by attacking Iran" and so has Israel. "It's oil that runs the global economy, as well as gas, but oil even more so. "And it's not only India or the Global South or the developing countries, Europe will suffer, and the United States will suffer. I don't sit in the Cabinet or President Trump's... but I think it's a huge mistake, huge mistake that Trump has committed by attacking Iran, and Israel of course," Sibal argued. The banking system, financial system, internet system, everything breaks down," he said.

Source: The Telegraph March 13, 2026 10:04 UTC