Iran’s Islamic Revolutionary Guard Corps (IRGC) has warned that global oil prices could reach $200 per barrel as tensions rise in the Gulf during the ongoing conflict between Iran and the United States and Israel.
A spokesperson for the IRGC’s Khatam al-Anbiya Headquarters said Iran would not allow “not a litre of oil to pass through Strait of Hormuz”, one of the world’s most important energy shipping routes.
The spokesperson added that any vessel linked to the United States, Israel, or their allies “will be considered a legitimate target”.
“You will not be able to artificially lower the price of oil. Expect oil at $200 per barrel,” the spokesperson said in a statement.
“The price of oil depends on regional security, and you are the main source of insecurity in the region,” he said.
Importance of Strait of Hormuz
The Strait of Hormuz connects the Persian Gulf to the Gulf of Oman and is used to transport about one-fifth of the world’s oil supplies.
Oil prices have been moving up and down this week as the conflict continues and traders worry about shipping risks in the region.
The war between Iran and the US-Israel alliance has increased since the war started on February 28, 2026.
Iran has responded to attacks with missile and drone strikes across parts of the Middle East.
Maritime security firms reported that three vessels were hit by projectiles in the Strait of Hormuz on Wednesday.
One of them was a Thai-flagged cargo ship that came under attack about 11 nautical miles north of Oman.
Despite the risks, US President Donald Trump said ships should continue to pass through the waterway.
“I think they should,” he said when asked whether vessels should keep using the route. “I think you’re going to see great safety, and it’s going to be very, very quickly.”
Countries facing higher petroleum prices
As per the data of the Global Petrol Prices, a platform that tracks retail fuel prices in around 150 countries.
The petrol costs have risen in at least 85 countries since the initial US and Israeli attacks on Iran on February 28, 2026.
Some countries only adjust fuel prices at the end of the month, so increases in several other places are expected to appear in April.
Vietnam has seen the sharpest rise so far.
The price of 95-octane petrol there climbed by nearly 50%, increasing from $0.75 per litre on February 23, 2026, to $1.13 on March 9, 2026.
Laos recorded the second-largest increase at about 33%.
Cambodia followed with a 19% rise, while petrol prices in Australia increased by 18%.
In the United States, prices have gone up by around 17% over the same period.
Also read: Pakistan and Iran discuss regional tensions over phone call
