Iran Warns Oil Prices Could Reach $200 Per Barrel
Iran has announced that the world should prepare for oil prices to reach $200 per barrel.
According to a Reuters report cited by Hasht-e Subh on March 11, Iran also launched attacks on Israel and targets across the Middle East on the same day. Oil prices, which surged sharply earlier in the week, have partially declined, while stock markets have rebounded as investors hope U.S. President Donald Trump will quickly end the conflict.
Trump stated that "practically nothing is left to target" in Iran and that operations would conclude whenever he chooses.
The Strait of Hormuz, the passage for one-fifth of global oil supplies, remains unsafe, preventing ships from transiting confidently. The report describes this as the most severe energy supply disruption since the 1970s.
The International Energy Agency has proposed releasing 400 million barrels from strategic reserves to stabilize prices, though the pace would cover only a fraction of the oil normally passing through the strait.
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