Iran Threatens Oil Blockade, Predicts $200 Per Barrel

Ebrahim Zolfaqari, spokesperson for Iran's Khatam al-Anbiya Central Headquarters, announced that Iran will not allow oil shipments to pass through the Strait of Hormuz if they benefit the United States and its allies, amid rising tensions in the Middle East. He predicted that global crude oil prices could surge to $200 per barrel if the conflict escalates further.

This statement follows threats from the U.S. to retaliate against Iran for any disruptions to oil flow in this strategic waterway. The situation has already led to significant volatility in the global crude oil market, with prices reaching over $100 per barrel, the highest since July 2022.

Concerns about supply disruptions in the Gulf region have intensified, prompting major shipping companies to suspend operations in the Strait of Hormuz. The Strait is a crucial maritime passage for oil exports from the Gulf region to global markets, making any disruption potentially impactful on global energy supplies and prices.