Tehran, Iran – Iran’s military command has warned that global oil prices could surge to $200 per barrel. The warning follows attacks on three ships in the Strait of Hormuz, escalating tensions in one of the world’s most critical oil transit routes.
Okay News reports that spokesperson Ebrahim Zolfaqari issued the warning on Wednesday. The statement came after renewed strikes in the region as the conflict involving Iran, Israel, and the United States intensifies.
Oil markets had shown signs of stabilizing in recent days. Investors bet that the conflict could be resolved quickly. However, renewed attacks in the Strait of Hormuz have revived concerns about fresh supply disruptions. The narrow passage along Iran’s coast handles about one-fifth of global oil shipments.
Zolfaqari warned that instability in the Middle East could drive oil prices significantly higher. He blamed the United States and its allies for destabilizing regional security. Disruptions to energy supplies would inevitably trigger a sharp spike in global crude prices.
“Get ready for oil to be $200 a barrel, because the oil price depends on regional security, which you have destabilised,” Zolfaqari said in comments directed at the United States.
He also warned that Iran could target financial institutions in the region that maintain business ties with the United States or Israel. After offices of a bank in Tehran were struck overnight, Zolfaqari said Iran would respond by attacking banks that conduct business with Washington or Tel Aviv. He advised civilians to stay away from such facilities and remain at least 1,000 metres away from potential targets.
On Tuesday, Iran’s Revolutionary Guards threatened to block oil shipments from the Middle East if attacks by the United States and Israel continued. The warning followed growing fears that the conflict could disrupt the Strait of Hormuz.
President Donald Trump had suggested that vessels passing through the strait could be escorted by the United States Navy. He also warned Iran against interfering with oil shipments from the region.
“If Iran does anything that stops the flow of oil within the Strait of Hormuz, they will be hit by the United States of America 20 times harder than they have been hit thus far,” Trump wrote on Truth Social on Tuesday.
Despite the warning, tensions appear to be escalating. Three additional vessels were struck by unidentified projectiles in the Strait of Hormuz on Wednesday. This brings the total number of ships hit in the region since the conflict began to at least 14.
Oil prices have been highly volatile since the conflict escalated. On Tuesday, prices dropped to around $91 per barrel after surging to a more than three-year high. The decline came after Trump suggested that the war could end soon, easing investor fears.
Earlier in the week, crude prices had surged to above $119 per barrel, the highest level since mid-2022. This was amid concerns that tensions could severely disrupt global oil supplies.
