How Escalating War In Iran Could Push Oil Prices Toward $200

Three additional ships were struck in the Persian Gulf overnight as attacks on commercial vessels intensified near the Strait of Hormuz, reported by CNBC.

According to the United Kingdom Maritime Trade Operations (UKMTO) center, a container ship was hit by an unidentified projectile about 35 nautical miles north of Jebel Ali in the United Arab Emirates. The strike sparked a small fire on board, though all crew members were reported safe.

Three more ships struck in the Persian Gulf as Iran warns of oil prices hitting $200 https://t.co/2ncrgelWr8

— CNBC (@CNBC) March 12, 2026

Earlier, two foreign oil tankers were damaged near the Iraqi port of Umm Qasr close to Basra. Media reports citing Iraqi port officials said at least one person was killed and 38 crew members were rescued from the vessels.

Shipping traffic through the Strait of Hormuz has slowed sharply since the United States and Israel launched airstrikes on Iran on Feb. 28. Iran has responded by targeting ships moving through the vital waterway.

Iranian officials also warned oil prices could surge to $200 per barrel, raising fears of a major global energy shock.

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Iran Could Pursue Nuclear Weapons After War Escalation, Expert Says

A Middle East analyst warned that Iran is unlikely to surrender in the ongoing war and could become more determined to develop nuclear weapons, reported by CBS News. Danny Citrinowicz, a fellow at the Atlantic Council and former Israeli military intelligence officer, said the chances of regime collapse in Tehran

tippinsightsTIPP Staff