Global Oil Market on Edge as Iran Threatens $200 Per Barrel

Iran has warned that global oil prices could surge to as high as $200 per barrel as tensions escalate in the Middle East and attacks on commercial vessels increase in the Gulf region.

Iran’s military command issued the warning on Wednesday, saying instability in the region could severely disrupt global energy supplies. A spokesperson for the command, Ebrahim Zolfaqari, said the world should prepare for a major spike in oil prices, blaming the situation on escalating military confrontations involving the United States and Israel.

The warning comes as several merchant ships were struck by projectiles in the Strait of Hormuz, a vital maritime corridor for global oil shipments. Reports indicate that at least three additional vessels were recently hit, bringing the number of affected ships in the region to more than a dozen since the conflict intensified.

The Strait of Hormuz is one of the world’s most critical oil transit routes, handling roughly 20% of global oil supply, and disruptions there have already led to sharp volatility in energy markets. Shipping traffic through the waterway has dropped dramatically as companies avoid the area due to safety concerns.

Iran has also warned that oil shipments destined for the United States, Israel, and their allies could be targeted, further heightening fears of a prolonged disruption to global energy supplies.

In response to the growing crisis, the International Energy Agency (IEA) has ordered the release of about 400 million barrels of emergency oil reserves from member countries in an attempt to stabilize global markets and prevent further price spikes.

The ongoing conflict between Iran, the United States, and Israel has intensified in recent weeks, with missile strikes, attacks on military bases, and disruptions to shipping routes raising concerns about wider economic consequences worldwide.