Chicago – March 11, 2026
Iran warned the world to prepare for oil prices reaching $200 per barrel after its forces struck merchant ships in the Strait of Hormuz, intensifying a Middle East war now in its 12th day.
Ebrahim Zolfaqari, spokesperson for Iran’s military command, stated: “Get ready for oil to be $200 a barrel, because the oil price depends on regional security, which you have destabilized,” directing the comment at Washington. The assaults followed joint U.S.-Israeli airstrikes that have killed around 2,000 people, mostly Iranians and Lebanese, disrupting global energy markets.
The Strait of Hormuz, vital for one-fifth of world oil, remains blockaded with mines deployed, preventing safe passage. The International Energy Agency urged releasing strategic reserves to counter the shock. Iran also threatened banks linked to the U.S. or Israel after strikes on Tehran facilities, while clamping down on domestic dissent.
U.S. officials reported intensified strikes on Iran, with President Trump noting no confirmed mining yet. Oil markets surged amid fears of prolonged chaos.
