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Get ready for oil at $200 a barrel, Iran’s military tells world leaders, warns banks with US, Israel links

Ebrahim Zolfaqari, spokesperson for Iran's military command, says in comments addressed to the US: '...because the oil price depends on regional security which you have destabilised'

Tankers sail in the Gulf, near the Strait of Hormuz, as seen from northern Ras al-Khaimah, near the border with Oman’s Musandam governance, amid the U.S.-Israeli conflict with Iran, in United Arab Emirates, March 11, 2026. Reuters

Reuters
Published 11.03.26, 07:41 PM

Iran's military command said on Wednesday the world should be prepared for oil to hit $200 a barrel, as three more ships came under attack in the blockaded Gulf.

"Get ready for oil to be $200 a barrel, because the oil price depends on regional security which you ​have destabilised," Ebrahim Zolfaqari, spokesperson for Iran's military command, said in comments addressed to the United States.

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After offices of a bank in Tehran were hit overnight, Zolfaqari also said Iran would respond with attacks on banks that ​do business with the United States or Israel. People across the Middle East should stay 1,000 metres from banks, he added.

Iran fired at Israel and targets across the Middle East on Wednesday, demonstrating it can still fight back ​and disrupt energy supplies despite what the Pentagon has described as the most intense U.S.-Israeli strikes yet.

Oil prices that shot up earlier this week have eased and stock markets have rebounded, with investors betting ‌for now that U.S. President Donald Trump will find a quick way to end the war he began alongside Israel nearly two weeks ago.

But so far there has been no let-up on the ground, or any sign that ships can safely sail through the Strait of Hormuz, where a fifth of the world's oil has been blockaded behind a narrow channel along the Iranian coast in the worst disruption to energy supplies since the oil shocks of the 1970s.

The International Energy Agency (IEA) proposed on Wednesday the release of 400 million barrels of oil, the largest release of oil reserves in its history, to bring down crude prices that have soared amid the U.S.-Israel war with Iran.

Iran War Iran's Revolutionary Guards (IRGC)
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