Shouldn't matter- it's a sealed loop.
But to answer your question, any liquid can be conductive, especially when it is in direct contact with metals. As a non-conductive fluid moves over metal, it will pick up traces of whatever it is in contact with and become conductive (if metal), but will also pick up traces of the plastic/rubber tubing as well.
So, in short, yes- if it isn't conductive out of the box...at some point it will be, regardless. Is there a reason you ask?