Iran warns that oil prices could reach $200 if they surpass $100 once more.

Iran warns that oil prices could reach $200 if they surpass $100 once more.

After two days of falling prices, oil prices rose again on Thursday in the world market. Along with this, Iran warned that oil prices in the world market could rise up to $200.

In the morning trading in the Asian market today, the price of Brent crude oil rose by 8.51 percent to $100.50 per barrel. Although yesterday, Wednesday, the 32 member countries of the International Energy Agency (IEA), the world's energy security coordination organization, announced that they would collectively release 400 million barrels of oil into the market to address the threat of supply shortages. BBC News

Even after the IEA's announcement, oil prices in the market did not decrease, but instead started to increase again today. At the same time, US President Donald Trump has said several times that the Iran war will end soon. Oil prices also fell due to this announcement.

Meanwhile, Iran is not leaving the conversation. A spokesman for the country's Islamic Revolutionary Guard Corps said that any ship related to the United States, Israel or their allies in the Strait of Hormuz could be attacked. According to him, it will not be possible to artificially keep oil prices low, the market will depend on the regional security situation. As a result, the world must be prepared, oil prices may rise up to $200.

The importance of the Strait of Hormuz in terms of global energy supply is immense. About one-fifth of the global energy supply is usually transported through this narrow waterway. As a result, if there is no security there, it has a direct impact on the global economy.

The decision to release oil from emergency reserves is also unprecedented. Earlier in 2022, when Russia launched an attack on Ukraine, the amount of oil that IEA members decided to release is more than double the amount of oil that is being released into the market.

Even though oil prices have decreased for two days in a row, there has been instability in the market. After the United States and Israel launched air strikes on Iran on February 28, there has been severe instability in the global oil market. The price of Brent crude rose to about $120 at the beginning of the week.

The main consumers of the oil transported through the Strait of Hormuz are Asian countries. As a result, Asian countries that depend on this fuel are under more pressure. Long lines have been seen at petrol pumps in the Philippines, Thailand and Vietnam. People are stocking up on fuel in advance, fearing a fuel shortage.

To save energy, the Thai government has instructed most government employees to work from home. Non-essential foreign travel is also being discouraged. Similarly, the Philippine government has introduced a four-day work week in government offices to reduce fuel consumption.

According to analysts, if the security situation in the Middle East deteriorates further, instability in the oil market may increase. If oil prices continue to rise, this will have an impact on the global economy and inflation.