Iran: Prepare for US$200 per Barrel Oil Prices
Jakarta — Iran’s government has warned the world to prepare for soaring oil prices reaching US$200 per barrel, amid escalating conflict and serious disruptions to international energy distribution routes.
The warning came after Iranian forces reportedly attacked commercial vessels in the Persian Gulf on Wednesday (11 March 2026), whilst the International Energy Agency (IEA) has agreed to release strategic oil reserves totalling 400 million barrels to counter what is being described as one of the most severe energy supply shocks since the 1970s oil crisis.
“Prepare yourselves for oil prices of US$200 per barrel, because oil prices depend on regional security, which you have destabilised,” said Ebrahim Zolfaqari, spokesman for Iran’s military command, in a statement directed at Washington, according to Reuters.
Additionally, following an attack on a bank office in Tehran the previous evening, Zolfaqari stated that Iran would respond by attacking banks conducting business with the United States or Israel. He also warned residents across the Middle East to maintain a distance of 1,000 metres from banks in the region.
The conflict, triggered by combined airstrikes from the United States and Israel nearly two weeks earlier, has killed approximately 2,000 people. The conflict has also expanded into Lebanon and caused disruption to global energy markets and transport sectors.
Although the Pentagon described the air operations against Iran as the most intense since the war began, Tehran demonstrated it remains capable of launching retaliatory strikes.
On Wednesday, Iran launched attacks against Israel and various other targets across the Middle East, demonstrating that its military capabilities remain active despite significant military pressure. In the Persian Gulf, three vessels were reportedly attacked. The Islamic Revolutionary Guard Corps (IRGC) stated they had fired upon vessels in the area that failed to comply with their orders.
Amid the tensions, global oil prices, which had surged to nearly US$120 per barrel at the beginning of the week, subsequently fell back to around US$90. However, on Wednesday, prices rose nearly 5 per cent due to concerns over supply disruptions.