Iran tells world to get ready for oil at $200 a barrel as it fires on merchant ships

Iran warned that the world should prepare for oil prices reaching $200 a barrel as its military attacked merchant ships on Wednesday. This comes as the International Energy Agency advised a significant release of strategic oil reserves to help manage one of the worst oil crises since the 1970s. The conflict, which began nearly two weeks ago with combined U.S. and Israeli airstrikes, has resulted in around 2,000 deaths, mainly among Iranians and Lebanese. The fighting has spread into Lebanon, creating turmoil in global energy markets and shipping. Despite what the Pentagon called the most intense airstrikes since the conflict started, Iran retaliated by targeting Israel and other locations in the Middle East on Wednesday, showing its capability to respond. Reports indicated that three vessels were struck in Gulf waters, with Iran’s Revolutionary Guards claiming they fired on ships that did not follow their commands. U.S. President Donald Trump, who has not set a timeline for military actions, hinted on Wednesday that he is not ready to declare an end to the war. Speaking at a rally in Kentucky, he stated, “we won” the war, but emphasized that the United States does not want to return to conflict every two years. “We don’t want to leave early, do we?” he asked. “We got to finish the job.” Trump claimed that U.S. forces have destroyed 58 Iranian naval ships and expressed optimism that oil prices would decrease. In a statement to reporters in Washington, he mentioned that Iran was “pretty much at the end of the line.” He added, “That doesn’t mean we’re going to end it immediately, but... They’ve got no navy, they’ve got no air force, they’ve got no anti-air traffic anything. They have no systems of control. We’re just riding free range over that country.”