Global oil markets are once again on edge as tensions in the Middle East intensify. Iran’s military command has reportedly warned that crude oil prices could surge, saying the world should be prepared for oil to reach $200 a barrel if the current security situation in the region continues to deteriorate.
The warning comes at a time when energy supplies are already under strain due to disruptions in the Strait of Hormuz, one of the world’s most critical oil shipping routes. A blockade in the narrow passage along the Iranian coast has raised concerns over global supply, with a large portion of the world’s crude exports usually moving through this channel.
Iran issues stark warning on oil prices
Iran’s military spokesperson, Ebrahim Zolfaqari, directly addressed the United States in a statement, linking rising oil prices to instability in the region.
“Get ready for oil to be $200 a barrel, because the oil price depends on regional security which you have destabilised,” he was quoted as saying by Reuters.
The warning came as tensions escalated following attacks and counterattacks across the Middle East. Iran fired at targets in Israel and elsewhere in the region on Wednesday, signalling that it still retains the ability to retaliate and disrupt critical energy routes despite what the US has described as some of the most intense strikes so far.
Shipping disruptions raise global concerns
At the centre of the crisis is the Strait of Hormuz, through which roughly one-fifth of the world’s oil supply typically passes. With the route effectively blocked amid the conflict, fears are growing that energy shipments could face prolonged disruptions.
The situation worsened after three additional ships were reportedly attacked in the Gulf, further raising risks for vessels attempting to navigate the already tense waters.
Iran military vows to hit US banks in West Asia
Iran has warned it will target ‘economic and banking centres’ linked to the United States and Israel across West Asia following what it described as an attack on an Iranian bank, as per statements carried by state media.
The Khatam al-Anbiya Headquarters issued a statement identifying the targets. “The enemy has given us free rein to target economic centres and banks belonging to the United States and the Zionist regime,” said the military’s central operational command in a statement carried by state TV.
The spokesperson warned people of the region to stay 1,000 metres away from banks.
The Khatam al-Anbiya headquarters said the move comes after what it described as an Israeli-American attack on an Iranian banking facility.
State media reported US and Israeli strikes hit a bank in Tehran overnight, killing an unspecified number of employees.
Iranian media reported that staff at a bank in Tehran were killed in the airstrikes, prompting the warning from the military command.
(With inputs from Reuters)
