The Iranian regime threatened to drive oil prices above $200 per barrel if the U.S. and Israel continue the war against the country.
A spokesman for the Iranian Revolutionary Guard Corps (IRGC) said that it is "expected that the governments of Muslim countries will swiftly warn the criminal U.S. and the savage Zionist regime against such cowardly anti human actions so that the flames of fire and war do not spread further."
"Otherwise, similar actions will occur in the region, and if you can tolerate oil prices above $200 per barrel, continue this game," the spokesperson added.
Iran warns oil could hit $200 a barrel if neighbors fail to restrain Trump. “If you can tolerate oil at more than $200 per barrel, continue this game,” said a Revolutionary Guards spokesman. pic.twitter.com/67DMsqtJ9A
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Oil soared 25% between Sunday and Monday to just under $120 a barrel before pairing gains. Brent crude was trading just above $100 on Monday 8 a.m. ET., a 10% increase compared to the prior trading session. The drop followed reports of coordinated global action to release oil reserves to offset some of the production cuts in the gulf and the lack of traffic at the Strait of Hormuz.
Stock futures were down as well as a result of continued geopolitical uncertainty and the energy shock. Should losses continue by the end of the session, it would be the third straight day of losses for U.S. indexes. Axios noted that odds of a U.S. recession jumped to 38% compared to 24% before the war began, according to Polymarket.
Bob McNally, president of Rapidan Energy and a former energy adviser of George W. Bush, said the war has caused the largest oil disruption in history, taking out about 20% of the world's supply, double the previous record during the Suez Crisis in the 1950s.
Trump addressed the spike on Sunday, saying in a social media post that "short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace." "ONLY FOOLS WOULD THINK DIFFERENTLY!" he added.
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