Tehran, Iran. Iran’s military warned oil prices could rise to $200 a barrel as three more merchant ships were attacked in the blockaded Gulf and Israel said its campaign against Iran would continue without a time limit.
Iran issues oil price warning and threats against banks
Ebrahim Zolfaqari, spokesperson for Iran’s military command, addressed the United States on Wednesday and said the world should brace for oil at $200 a barrel, arguing prices depended on regional security that he said had been destabilised.
Zolfaqari also warned Iran would target banks doing business with the United States or Israel, and urged people across the region to stay at least 1,000 metres from such institutions.
Strikes continue across the region
Iran fired at Israel and targets across the Middle East on Wednesday, signalling it retained the capacity to respond despite what the Pentagon described as the most intense US-Israeli strikes so far.
Oil and markets rebound as conflict persists
Oil prices briefly neared $120 a barrel on Monday but later eased to around $90, with investors betting President Donald Trump would move quickly to end the war he launched alongside Israel nearly two weeks ago.
Stock markets also rebounded. However, there was no sign the Strait of Hormuz, through which a fifth of the world’s oil passes, would reopen soon, a disruption analysts described as the worst to energy supplies since the oil shocks of the 1970s.
Additional merchant ships hit in the Gulf
Three more merchant ships were struck in the Gulf by unknown projectiles on Wednesday, bringing the reported total since the conflict began to 14 vessels.
Crew were evacuated from a Thai-flagged bulk freighter after an explosion triggered a fire. A Japanese-flagged container ship and a Marshall Islands-flagged bulk carrier also sustained damage.
Israel signals operation will continue
Israel’s Defence Minister Israel Katz said the operation “will continue without any time limit, as long as required, until we achieve all objectives and win the campaign.”
A senior Israeli official told Reuters that Israeli leaders had privately accepted Iran’s ruling clerical system could survive the war, while two other officials said there was no indication Washington was close to ending the campaign.
Hormuz blockade and lack of negotiations
Iran has said it will not allow oil through the Strait of Hormuz until US-Israeli strikes cease and has ruled out negotiations.
Trump has threatened to strike Iran “twenty times harder” if the blockade continues, but US officials have not disclosed any military plan to reopen the waterway.
Report on Mojtaba Khamenei’s injury
An Iranian official told Reuters that Mojtaba Khamenei, the son of slain Supreme Leader Ayatollah Ali Khamenei and his designated successor, was lightly wounded early in the conflict when airstrikes killed his father, mother, wife and a son.
He has not appeared publicly or issued any statement since the war began. An Israeli source said Israel also believed he had been lightly hurt.
How do you think continued disruption in the Strait of Hormuz could affect energy prices where you live?