Iran Says World Should Prepare For $200 Per Barrel

Iran’s military has issued a stark warning as tensions escalate in the Gulf, saying oil prices could surge to $200 a barrel while three more ships reportedly came under attack in the Strait of Hormuz.

Ebrahim Zolfaqari, spokesperson for Iran’s military command, told the United States that “the oil price depends on regional security which you have destabilised,” underscoring Tehran’s readiness to disrupt global energy supplies if hostilities continue.

The attacks came after U.S.-Israeli operations, described by the Pentagon as their most intense yet, targeted Iranian positions in the region.

Despite earlier spikes in oil prices, markets have begun to rebound, reflecting investor expectations that U.S. President Donald Trump may seek a rapid resolution.

Zolfaqari also warned that Iran would retaliate against banks across the Middle East that do business with the United States or Israel, urging civilians to stay at least 1,000 metres away from financial institutions.

Shipping through the Strait of Hormuz remains heavily disrupted, threatening a fifth of the world’s oil supply and marking the most severe energy supply disruption since the oil crises of the 1970s.