Iran warns oil may hit $200 per barrel after fresh attacks in Strait of Hormuz

From Adanna Nnamani, Abuja

Global oil markets may be in for a rollercoaster ride as Iran’s military warns that crude prices could rocket to $200 per barrel following attacks on three ships in the Strait of Hormuz.

Spokesperson for Iran’s military command, Ebrahim Zolfaqari, issued the warning on Wednesday after renewed strikes in the region, escalating tensions between Iran, Israel and the United States.

Zolfaqari accused the U.S. and its allies of destabilising the region and said the resulting supply disruptions would inevitably push oil prices sky-high. “Get ready for oil to be $200 a barrel, because the oil price depends on regional security, which you have destabilised,” he said.

The Strait of Hormuz, a narrow waterway along Iran’s coast that handles about one-fifth of the world’s oil shipments, has become a flashpoint.

The latest attacks mark at least 14 vessels hit since the conflict began, reviving fears of fresh supply interruptions.

Zolfaqari also threatened that Iran could target banks in the region that maintain business ties with the U.S. or Israel, urging civilians to stay at least 1,000 metres away from such facilities.

The warning comes as oil prices have swung wildly in recent days. Earlier this week, crude surged to above $119 per barrel, a three-year high, before dipping to around $91 after U.S. President Donald Trump suggested a quick resolution to the Middle East conflict.

Despite the brief calm, analysts warn that renewed strikes could send prices soaring once more, putting global markets on high alert.