Allah's Messenger (peace be upon him) said: “The Last Hour will not arrive until the Euphrates uncovers a mountain of gold, over which people will fight. Ninety-nine out of every hundred will die but every man amongst them would say that perhaps he would be the one who will be saved (and thus possess the gold).” [Sahîh Muslim]
Allah's Messenger (peace be upon him) said: “The Last Hour will not arrive until the Euphrates uncovers a treasure of gold, so whoever finds it should take nothing from it.” [Sahîh Muslim]
We have no way to ascertain whether or not this hadîth is in any way related to what is going on in Iraq today.
However, on the face of it, matters appear to be quite different than they are described in the hadîth.
For one thing, there is no mountain of gold that has been disclosed and there is no reason linguistically to assume that a “mountain of gold” refers to oil fields. Therefore, such an interpretation would be far-fetched.
This interpretation is problematic for another reason. Iraq is not the only country with significant oil fields. Therefore, there would have to be many “mountains of gold” in the Middle East and around the world. Also, according to the hadîth, the mountain of gold will be uncovered by the Euphrates River.
Moreover, we sincerely hope that in this present conflict it does not turn out that “ninety-nine out of every hundred shall die”.
The events of the Last Day are matters of the Unseen until they occur. We cannot know how and when these events will occur until they have already taken place.