Egypt’s President Abdel Fattah el-Sisi says the country is in a “state of near-emergency” economically as the widening Middle East war adds pressure to prices and trade.

Speaking at an event at a military academy, Sisi warned the conflict could have serious knock-on effects for Egypt’s economy, particularly through rising inflation. “The current crisis might have some repercussions on prices,” he said, adding that traders accused of price gouging could face military courts.

Although Egypt is not directly involved in the US–Israeli war on Iran, Sisi said the conflict is disrupting regional trade routes and deepening economic strain.

He also cautioned that instability could reduce shipping through the Suez Canal — a key source of foreign currency for Egypt — as companies reroute vessels away from the area.

Sisi said Egypt was pursuing what he described as “sincere and honest” mediation efforts aimed at ending the war.