Iran threatens $200 oil as Middle East tensions escalate
Iran's military command warns oil prices could surge to $200 per barrel amid escalating Middle East tensions, threatening vessels bound for the US and Israel. Spokesperson Ebrahim Zolfaqari stated: 'Get ready for the oil barrel to be at $200 because the oil price depends on the regional security, which you have destabilised.' The threat comes as persistent disruptions through the Strait of Hormuz—carrying 20% of global oil—push prices to $120. IEA member nations agreed to release 400 million barrels to cushion supply shocks. Nigeria feels immediate impact: petrol prices jumped 25% to N1,400/litre after subsidy removal, with major stations charging N1,261-N1,330. Analysts doubt IEA's 400M barrels will offset Iran's threats to attack oil shipments.