Speaking at an international summit on Saturday, Iraqi Prime Minister Mohammed Shia al-Sudani warned there were serious risks which could emerge, were the conflict between Israel and Hamas to spread into neighboring regions, specifically on global oil supplies.

It is believed al-Sudani was referencing the recent attacks on US bases in Iraq and Syria, which were launched by Iran-backed militias, as well as their voiced intent to enter the battle with Israel, should the threats to Hamas grow too great.

The Prime Minister also made note of Iraq’s opposition to the evacuation of Gaza, pointing to the connection of the Palestinians to their homeland. In addition, he issued a call for an immediate ceasefire, as well as a prisoner exchange, so that a resolution could then be found to the conflict. He also alluded to the possibility of the UN issuing Security Council resolutions to help encourage a peaceful solution.

He went on to warn that if not contained, the conflict could create a series of global security concerns, heighten regional tensions, endanger the world’s energy supplies, trigger a deterioration of the world economy, and create further conflicts across the globe.

Analysts say the conflict would be most likely to affect the energy majors in the stock market, such as ExxonMobil Corporation and Chevron Corporation, which would be impacted were there any disruptions to the oil supply. In addition, exchange-traded funds (ETFs) like United States Oil Fund (USO) and the Energy Select Sector SPDR Fund (XLE) would see increased volatility under such circumstances.

In related news, the previously blockaded Gaza Strip has begun to see aid shipments arrive just two weeks following the initial attack on Israel by Hamas militants.