Iran's military command has issued a stern warning that global oil prices could skyrocket to $200 per barrel in the wake of recent attacks on three ships in the Strait of Hormuz. The escalation of tensions in one of the world's most vital oil transit routes was highlighted on Wednesday by Ebrahim Zolfaqari, spokesperson for Iran's military command, amid intensifying conflict involving Iran, Israel, and the United States.

This latest development arrives as oil markets, which had experienced a significant rally earlier in the week, were showing signs of stabilization. Investors had been betting on a swift resolution to the conflict. However, the renewed strikes in the Strait of Hormuz, a narrow waterway responsible for approximately one-fifth of global oil shipments, have reignited concerns over potential supply disruptions.

Zolfaqari attributed the instability in the Middle East to the United States and its allies, warning that such actions could lead to a substantial increase in global crude prices due to inevitable disruptions to energy supplies. Furthermore, Iran has threatened to target financial institutions in the region that maintain business relationships with the United States or Israel.

Following overnight strikes on bank offices in Tehran, Zolfaqari stated that Iran would retaliate against banks conducting business with Washington or Tel Aviv, advising civilians to maintain distance from such facilities. He recommended residents across the Middle East stay at least 1,000 metres away from potential targets.

Earlier reports from Nairametrics on Tuesday indicated that Iran's Revolutionary Guards had threatened to block oil shipments from the Middle East should attacks by the United States and Israel persist. These fears were amplified by the potential for disruption to the Strait of Hormuz. Despite U.S. President Donald Trump's suggestion of U.S. Navy escorts for vessels passing through the strait and his warning to Iran against interfering with oil shipments, tensions continue to escalate.

Reuters reported on Wednesday that three additional vessels were struck by unidentified projectiles in the Strait of Hormuz, bringing the total number of ships targeted in the region since the conflict began to at least 14. Oil prices have exhibited considerable volatility in response to the escalating conflict.