KARACHI: Mian Zahid Hussain, a prominent business leader in Pakistan, has expressed concern over the economic impact of escalating military tensions between the United States, Israel, and Iran. He praised the Prime Minister's decision to form a committee focused on safeguarding Pakistan's economic and energy security in light of regional instability threatening the country's economic recovery.

According to Pakistan Businessmen and Intellectuals Forum, the ongoing conflict has already led to significant market volatility, with Brent crude oil prices rising by 15% to approximately $83 per barrel. Mian Zahid Hussain warned that prolonged hostilities could push prices above $100, posing a severe risk to Pakistan's industrial sector and inflation rates. The closure of the Strait of Hormuz and suspended insurance for vessels have exacerbated supply chain disruptions, jeopardizing Pakistan's energy imports.

The business leader also highlighted the vulnerability of Pakistan's foreign exchange reserves and the safety of Pakistani expatriates following retaliatory strikes on U.S. bases in the UAE and Qatar. The domestic unrest, resulting in over 25 casualties during protests in Karachi, further emphasizes the need for a diplomatic approach prioritizing stability and peace.

To address these challenges, Mian Zahid Hussain recommended diplomatic efforts through international organizations to de-escalate tensions and urged the Ministry of Energy to enhance strategic fuel reserves. He stressed the importance of implementing the Green Pakistan Energy Policy 2026 to reduce dependency on imported fuels and maintaining secure trade and financial channels with Gulf partners.