Iran warns world of US$200 oil as countries reach for emergency reserves
US president declares ‘we won’ the war as chaos in the Strait of Hormuz sends shock waves through energy markets
Iran said the world should be ready for oil at US$200 a barrel as its forces hit merchant ships on Wednesday and the International Energy Agency recommended a massive release of strategic reserves to dampen one of the worst oil shocks since the 1970s.
The war unleashed with joint US and Israeli air strikes nearly two weeks ago has so far killed around 2,000 people, mostly Iranians and Lebanese, as it has spread into Lebanon and thrown global energy markets and transport into chaos.
Despite what the Pentagon has described as the most intense air strikes since the start of the war, Iran also fired at Israel and targets across the Middle East on Wednesday, demonstrating it can still fight back.
On Wednesday, three vessels were reported to have been hit in Gulf waters as Iran’s Revolutionary Guards said their forces had fired on ships in the Gulf that had disobeyed their orders.
01:22
Oil tankers set ablaze by Iranian drones as shipping vessels targeted in Middle East war
US President Donald Trump, who has not committed to a timeline for military operations, suggested on Wednesday he was not yet ready to call an end to the war.