Not ‘a litre of oil’ to pass Strait of Hormuz, expect $200 price tag: Iran
AI Summary
Amidst the ongoing US-Israeli war on Iran in March 2026, the Iranian Revolutionary Guard Corps (IRGC) declared it would block all oil tankers from passing through the Strait of Hormuz, a critical waterway for global oil supplies. The IRGC warned that any vessel linked to the US, Israel, or their allies would be considered a legitimate target. This action, coupled with production slowdowns in some Gulf countries, has roiled global energy markets. The IRGC anticipates oil prices to reach $200 per barrel, despite the release of 400 million barrels from global reserves. The closure of the Strait, through which about one-fifth of the world’s oil transits, and attacks on ships in the area have exacerbated concerns about further disruptions and rising prices.
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This article was automatically classified using rule-based analysis. The political bias score ranges from -1 (far left) to +1 (far right).
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