$200 a barrel: Iran warns of further increase in crude oil prices

Iran has warned that global oil prices could rise to as much as $200 a barrel as tensions rise in the Middle East following recent attacks linked to the ongoing conflict involving the United States and Israel.

On Wednesday, spokesman for Iran’s Khatam al-Anbiya military command headquarters, Ebrahim Zolfaqari, said Tehran would move from retaliatory responses to what he described as “continuous attacks” against its adversaries.

Zolfaqari warned that Iran will target ships carrying oil to the United States, Israel and their allies.

“We will not allow even a liter of oil to reach the United States, the Zionists (Israel) and their partners. Any ship or tanker headed towards them will be considered a legitimate target,” he said.

He added that instability in the region could push oil prices sharply higher, warning that the global market should prepare for a possible spike.

“Prepare for the barrel of oil to reach $200 because oil prices depend on regional security, which you have destabilized,” he said.

The warning comes amid rising tensions in the region and concerns over attacks on shipping lanes in the Gulf, a key corridor for global energy supplies.

Reuters