Iran has warned that global oil prices could surge to as high as $200 a barrel as tensions escalate in the Gulf, even as US President Donald Trump claimed the war could end soon as there is “practically nothing left to target”.
Iran's military command said on Wednesday that the world should brace for a major spike in oil prices amid continued disruptions to shipping in the Gulf. The warning came as three more ships reportedly came under attack near the blockaded Strait of Hormuz, a key route for global energy supplies.
“Get ready for oil to be $200 a barrel, because the oil price depends on regional security which you have destabilised,” Ebrahim Zolfaqari, spokesperson for Iran's military command, said in remarks directed at the United States, according to Reuters.
Also Read: 'Practically Nothing Left' — Trump Says Iran War Will End Soon
The threat follows Iran launching strikes at Israel and other targets across the Middle East on Wednesday, signalling that it retains the capability to retaliate and disrupt energy flows despite what the Pentagon has described as the most intense US-Israeli strikes on Iran so far.
The Strait of Hormuz, a narrow waterway along Iran's coast through which roughly a fifth of the world's oil supply passes, remains effectively blockaded. The disruption marks the most serious shock to global energy supply chains since the oil crises of the 1970s, Reuters reported.
Oil prices, which surged earlier this week amid fears of supply disruptions, have since eased slightly. Global stock markets have also rebounded as investors bet that the conflict could end quickly.
Also Read: Iran's Supreme Leader Mojtaba Khamenei Injured But 'Safe', Says President's Son
In an interview with Axios on Wednesday, Trump said the war would end “soon.”
“Little this and that… Any time I want it to end, it will end,” Trump said during a brief phone call with the news outlet.
However, US and Israeli officials indicated there has been no internal directive to halt military operations. Israeli Defence Minister Israel Katz said the campaign would continue “without any time limit, for as long as necessary, until we achieve all the objectives and decisively win the campaign.”
US officials also said intelligence suggested Iran had begun laying mines in the Strait of Hormuz, though the number deployed appeared limited. Trump told Axios that U.S. strikes destroyed 16 Iranian mine-laying boats and disrupted the operation.
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