Energy & Environment Iran: Get ready for $200-per-barrel oil by Ryan Mancini - 03/11/26 1:41 PM ET by Ryan Mancini - 03/11/26 1:41 PM ET Share ✕ LinkedIn LinkedIn Email Email NOW PLAYING Iran’s Islamic Revolutionary Guard Corps. (IRGC) on Wednesday warned the world to expect oil to reach $200 per barrel as the main pathway for exported oil, the Strait of Hormuz, stays closed amid the U.S.-Israeli military operation in Iran. “Get ready for oil to be $200 a barrel, because the oil price depends on regional security, which you have destabilized,” Ebrahim Zolfaqari, a spokesperson for the IRGC’s Khatam al-Anbiya Central Headquarters, told Reuters . The U.S. military announced Tuesday that Americans forces “eliminated” 16 mine-laying vessels near the Strait of Hormuz. The IRGC has warned U.S.- and Israeli-linked ships “will be considered a legitimate target,” according to Al Jazeera . Close Thank you for signing up! Subscribe to more newsletters here The latest in politics and policy. Direct to your inbox. Sign up for the Energy and Environment newsletter Subscribe The per-barrel price of West Texas Intermediate crude oil, the benchmark for North American markets, is  close to $87 . That number shot up to almost $120 on Monday. The national average price for gas inched up to $3.57, according to AAA . The news comes after the International Energy Agency (IEA) announced that its 32 member countries will release 400 million barrels of oil from their stockpiles in response to rising prices caused by the military offensive. “This is a major action aiming to alleviate the immediate impacts of the disruption in markets,” Fatih Birol, executive director of the IEA, said in an address from Paris. “But to be clear, the most important thing for a return to stable flows of oil and gas is the resumption of transit through the Strait of Hormuz.” Birol added that these reserve supplies will become available “over a time frame that is appropriate” for member states. Japan, Germany and the United Kingdom have said they will participate. The U.S. has so far not said if it will release its reserves. President Trump criticized former President Biden’s decision to release 180 million barrels of oil from U.S. strategic reserves after Russia’s invasion of Ukraine in 2022. Trump said the reserve should be used for military purposes, not for lowering costs. Trump has argued that the increase in gas prices is a “very small price to pay” for the U.S. as the administration carries out its bombing campaign in Iran. Trump has given different timelines for when the conflict could end. He suggested that it could last as long as five weeks before saying Monday that it will end “ very soon .” On Tuesday, the president said the “excursion” in Iran was “ nearly complete .” Add as preferred source on Google Tags Donald Trump Joe Biden Copyright 2026 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Share ✕ LinkedIn LinkedIn Email Email More Energy & Environment News See All Senate Rick Scott says gas prices ‘are going to be up for a while’ by Max Rego 44 minutes ago Senate  /  44 minutes ago