Iran’s military command warned that oil prices could surge to $200 a barrel as tensions escalate in the Gulf, where three more ships have reportedly been struck amid the blockade of the Strait of Hormuz.
Tehran launched new strikes against Israel and targets across the Middle East, signalling it can still retaliate and disrupt global energy supplies despite what the Pentagon described as the most intense US-Israeli attacks so far.
Around a fifth of the world’s oil normally passes through the Strait of Hormuz, but shipping has been severely disrupted, marking the biggest shock to energy flows since the 1970s oil crises.
“Get ready for oil to be $200 a barrel,” military spokesperson Ebrahim Zolfaqari warned the United States, linking prices to regional instability.
Oil briefly surged to nearly $120 earlier this week but has since eased to around $90, as investors bet Washington may still find a way to de-escalate the conflict and reopen the vital shipping route.
via Reuters
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