U. S. , Iran Clash Keeps Oil Markets Tense

A war that began with U. S. and Israeli air strikes two weeks ago is far from over, according to both sides. President Trump claims the United States has “won” the conflict but wants to finish it decisively, while Iran warns that oil could skyrocket to $200 a barrel if tensions continue. The fighting has already claimed about 2, 000 lives, mainly among Iranians and Lebanese, and has spread to Lebanon, disrupting global shipping routes. Iran’s navy launched attacks on tanker ships in Iraqi waters, setting two vessels ablaze and killing a crew member. These incidents come after Iran struck targets in Israel and across the Middle East, proving it still has offensive capabilities. The International Energy Agency (IEA) responded by proposing a historic release of 400 million barrels from strategic reserves to calm the market, while U. S. Energy Secretary Chris Wright announced a 172‑million‑barrel release from the American reserve.Oil prices spiked earlier in the week, reaching nearly $120 a barrel before settling near $90. They rose again after reports of Iranian attacks, adding pressure on Asian markets and pushing Wall Street indices lower. The Strait of Hormuz, through which about a fifth of global oil passes, remains under Iranian control and is blocked by mines, complicating navigation for international shipping. The U. S. claims it has destroyed 58 Iranian naval ships and intends to maintain pressure on the strait, though Iran’s military suggests it can still pose a threat. Meanwhile, U. S. officials warn that Iranian forces and allied militias may target American-owned energy infrastructure in Iraq, citing past attacks on hotels frequented by Americans. Iran’s military spokesperson warned of a long‑term economic impact, threatening that oil prices could reach $200 if regional security is not restored. The U. S. and Israel aim to curb Iran’s ability to project power beyond its borders and dismantle its nuclear program, with Israel maintaining a list of missile and nuclear sites to target. The conflict has raised alarms over potential attacks on U. S. soil by Iranian drones and the possibility of economic retaliation against banks that do business with the United States or Israel.