Global oil markets are on high alert as Iran warns of a potential surge in crude oil prices to $200 a barrel due to deteriorating security in the Middle East.
The warning comes as tensions escalate following attacks and counterattacks across the region, with Iran firing at targets in Israel and elsewhere.
Disruptions to the Strait of Hormuz, a critical oil shipping route, have raised concerns over global supply, with roughly one-fifth of the world's oil supply typically passing through the route.
The situation worsened after three additional ships were reportedly attacked in the Gulf, further raising risks for vessels attempting to navigate the already tense waters.
Iran has also warned it will target 'economic and banking centres' linked to the United States and Israel across West Asia following what it described as an attack on an Iranian bank.
