US EditionIran tells world to get ready for oil at $200 a barrel as it fires on merchant ships
Iran’s military vows to block oil shipments through Strait of Hormuz amid US-Israeli attacks, risking a supply crisis as the International Energy Agency releases 400 million barrels of reserves.
- Iran's military command spokesperson Ebrahim Zolfaqari warned Wednesday, according to Reuters, to 'Get ready for oil to be $200 a barrel' after three more ships were hit in the Persian Gulf.
- The war that began on Feb. 28, 2026 has hindered production and shipping, with a March 7 oil depot fire in Tehran and strikes on vessels including a Thai-flagged cargo ship.
- Markets saw crude briefly near $120 on Monday, with Brent crude futures around $90 and West Texas Intermediate just under $86, while the International Energy Agency agreed to release 400 million barrels and G7 energy ministers backed strategic reserves use.
- Iran warned it will bar oil shipments through the Strait of Hormuz until U.S. and Israel stop bombing and said no oil will reach them, while analysts say $200 oil could push U.S. gas prices above $5 a gallon from $3.57.
- Around the globe, roughly 20% of oil flows pass through the Strait of Hormuz, and G-7 heads will discuss stockpile releases as prices have risen at least 50% since the war started.
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US-Iran war news LIVE: Iran warns oil could cost $200 a barrel amid conflict, Trump says 'don't want to leave early'
US-Iran war news LIVE: The war has brought drone and missile attacks from Iran on ports and cities across the Gulf as well as targets in Israel, increasing pressure from Turkey, Europe and other international actors to halt the conflict.
Iran tells world to get ready for oil at $200 a barrel as it fires on merchant ships
Iran said the world should be ready for oil at $200 a barrel as its forces hit merchant ships on Wednesday and the International Energy Agency recommended a massive release of strategic reserves to dampen one of the worst oil shocks since the 1970s.
Iran: Get ready for $200-per-barrel oil
Iran’s Islamic Revolutionary Guard Corps. (IRGC) on Wednesday warned the world to expect oil to reach $200 per barrel as the main pathway for exported oil, the Strait of Hormuz, stays closed amid the U.S.-Israeli military operation in Iran. “Get ready for oil to be $200 a barrel, because the oil price depends on regional…
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