Iran Warns of '$200 Oil'; IEA Calls Disruption 'Largest in History of Global Oil Market'

Iran's military spokesperson Ebrahim Zolfaqari warned: 'Get ready for oil to be $200 a barrel,' as Mojtaba Khamenei's statement doubled down on keeping the Strait of Hormuz closed. The IEA called this the 'largest supply disruption in the history of the global oil market,' with roughly 20M bbl/day (20% of global oil consumption) normally transiting through Hormuz now blocked. Despite the record 400M barrel reserve release, Brent crude remains above $100/bbl. Only five oil tankers departed the Persian Gulf area in 24 hours while approximately 500 remain stranded. The US Energy Secretary confirmed the US Navy is 'not ready' to escort tankers through Hormuz. Saudi Aramco CEO previously warned of 'catastrophic consequences' for global energy markets. European gas prices remain sharply elevated after Iranian strikes on Qatari LNG facilities.