Global oil prices surged once more after Iran’s Revolutionary Guard Corps announced on Monday that it would target any vessels attempting to navigate the Strait of Hormuz.
The declaration to close the strategic waterway, situated between Iran and Oman, threatens a crucial artery for oil and gas shipments, responsible for roughly 20 percent of worldwide energy flows.
Ebrahim Jabari, an advisor to the Guard’s commander-in-chief, indicated that oil pipelines could also be attacked, asserting that not a single barrel of crude would be allowed to leave the region.
Tehran has struck key energy infrastructure in response to airstrikes carried out by Israel and the United States, which began on Saturday.
Beyond driving up prices in international energy markets, the escalating conflict has caused shipping expenses to soar, with several leading maritime insurers suspending war-risk coverage.
Experts warn that if tanker movements in the area remain disrupted for an extended period, crude oil could climb above $100 per barrel.
