US-Israel-Iran Conflict Triggers Energy Crisis and Third World War Warnings
Military strikes by the United States and Israel against Iran are predicted to trigger a surge in global oil prices and potentially escalate to a third world war, drawing condemnation from multiple parties.
UN Secretary-General António Guterres condemned the military strikes by the United States and Israel against Iran and Iran’s retaliatory attacks on several countries in the region.
In his address to the UN Security Council on 28 February 2026, Guterres emphasised that all nations are obligated to comply with the UN Charter, which prohibits the use of force against the territorial integrity of other nations.
“This is why since this morning I have condemned the large-scale military strikes by the United States and Israel against Iran,” Guterres said in an official statement received by media on Sunday, 1 March 2026.
Guterres warned that escalating military actions risk triggering a larger and uncontrollable conflict.
“I am calling for de-escalation and immediate cessation of hostilities,” he said.
Furthermore, Iran’s closure of the Strait of Hormuz could trigger a surge in global oil prices.
Currently, oil prices stand at around $70 US per barrel. However, if the conflict continues, prices could rise to $80 US per barrel. More significantly, if oil supplies through the Strait of Hormuz are disrupted, oil prices could reach $100 US per barrel.
This assessment was provided by economist and Executive Director of CORE Indonesia Mohammad Faisal.
“If it reaches $100 per barrel, that enters a high zone, a record. We have not experienced such an increase in recent years; the last time was during the early stages of the Russia-Ukraine war,” he said.
Faisal added that the surge in global oil prices will directly impact fuel price adjustments within the country. Non-subsidised fuel is certain to rise in line with international market prices.
However, according to him, what is more concerning is the potential adjustment in subsidised fuel prices such as Pertalite and Solar, which are used by lower and middle-income households.
“This price increase will certainly have the potential to influence inflation and reduce purchasing power for the general public,” Faisal said.