Tehran, Iran – The Iranian military leadership has warned of the possibility of oil prices rising to $200 a barrel. The warning comes amid escalating military tensions in the Middle East and attacks on commercial vessels in the Gulf. This coincides with the ongoing exchange of fire between Iran and Israel and the widening scope of the regional confrontation.
Attacks on ships in the Gulf
Iran has warned the world to prepare for a significant rise in oil prices, stating that market stability is linked to regional security, which is experiencing escalating tensions. The warning came after at least three commercial vessels were attacked in the Gulf by unidentified projectiles. This brings the total number of ships targeted since the start of the military standoff to 14.
Maritime monitoring agencies reported an explosion on board a Thai-flagged cargo ship, resulting in a fire and the evacuation of its crew. A Japanese container ship and a Marshall Islands-flagged vessel were also damaged.
These developments are raising growing concerns about the safety of navigation in the Strait of Hormuz, through which approximately 20 percent of the world’s oil supply passes. This represents one of the most serious threats to energy supplies since the 1970s.
Economic concerns and a plan to calm markets
In contrast, oil markets have experienced sharp fluctuations in recent days, with prices briefly rising to around $120 a barrel before falling below $90. This occurred amidst investor bets on the possibility of containing the military escalation in the region.
Sources revealed that the International Energy Agency is considering recommending the release of up to 400 million barrels from global oil reserves. This would be an unprecedented step aimed at calming markets and maintaining price stability.
However, estimates indicate that this amount would still be less than the volume of oil that passes through the Strait of Hormuz in just three weeks. Furthermore, implementing such a decision could take several months.
Military escalation and exchange of strikes
On the ground, Iran announced that it had bombed targets in Israel and launched missiles at a US base in northern Iraq. It also targeted a US naval facility in Bahrain and the city of Beersheba in central Israel.
In response, Israel continued its intensive military strikes against targets inside Iran. It affirmed that the operations would continue until their stated objectives were achieved, primarily reducing Iran’s military capabilities and preventing Tehran from expanding its influence in the region.
As the confrontations continue, concerns are growing about the repercussions of war on the global economy, especially if the escalation leads to a prolonged disruption of shipping and energy supplies through the Strait of Hormuz.
