KARACHI: President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Atif Ikram Sheikh has expressed grave concern over the war situation in the Middle East
The economic and human future of the entire region is at stake, he said. Reacting on closure of Strait of Hormuz, he said up to 30 percent of the world’s oil transport passes through the Strait of Hormuz. He feared that crude oil may reach USD 130 per barrel in coming days. The government of Pakistan should make every effort to mediate and negotiate a ceasefire between the US and Iran, he suggested.
He feared that instability in the region will affect trade routes and shipping costs will increase immensely. He emphasised the need that the government of Pakistan should immediately formulate a policy to restore the supply chain, especially regarding petroleum products, in the context of the situation. After the attacks on Iran, there is a risk of a serious imbalance of power in the region; which may also affect Pakistan, Sheikh said, adding the business community is ready to make every sacrifice for the motherland.
Copyright Business Recorder, 2026
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