Global Energy Crisis Looms as Iran-US War Escalates

Iran has said the world should be ready for oil at $200 a barrel as oil reserves have been targeted in the fighting between US-Israel and Iran. | World News

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The military confrontation between the US-Israel and Iran has triggered a global energy crisis, with Iran launching attacks on merchant ships in the Strait of Hormuz.

Brent crude oil prices have topped $100 a barrel, and Iran has warned that oil could reach $200 a barrel.

At least 16 ships have been targeted, including a Thailand-flagged cargo ship bound for India.

A massive fire broke out at Oman's Salalah port after a drone attack, and oil storage facilities in the Gulf countries have been hit.

Hezbollah has targeted an Israeli military intelligence base, and the US has released 172 million barrels of oil from its emergency reserve.

The UN has asked Iran to stop its attacks on Gulf nations, and at least two fighters were killed in airstrikes in northern Iraq.