Iranian Foreign Minister Abbas Araqchi declared on March 12 that escalating oil prices will severely damage American households.
“Americans will not ‘make money’ from a sharp rise in oil prices and duties,” he stated on X. “They enrich corporations and ruin households.”
The warning comes amid heightened Middle East tensions, which the Islamic Republic has referenced through its historical experience during the ‘Tanker War,’ when nearly half a thousand ships were attacked. Alexander Baryshnikov, a mining fund manager at Record Capital Management Company, noted that if current regional instability persists, Brent crude could trade between $95 and $115 per barrel in the coming weeks. He added that further price increases would require a significant deterioration in the situation.
Reuters reported on March 12 that Brent crude oil prices surpassed $100 per barrel. The sharp increase follows reports of new ship collisions in the Persian Gulf and the closure of key oil terminals.
