Iran has warned it will not allow “a single litre of oil” to pass through the Strait of Hormuz for the benefit of the United States, Israel and their allies, raising fears of a sharp spike in global energy prices.
Spokesperson for Tehran’s Khatam al-Anbiya military command headquarters, Ebrahim Zolfaqari, said the escalating conflict in the Middle East could push crude oil prices as high as $200 per barrel.
His comments come amid rising tensions following threats from Donald Trump, the US president, who warned Iran would face “death, fire and fury” if it disrupted shipping through the Strait of Hormuz, a crucial global oil transit route.
Zolfaqari said Tehran would target any shipment headed to the US, Israel or their allies.
“Let us firmly reiterate that we will never allow even a single litre of oil to pass through the Strait of Hormuz for the benefit of the US, the Zionists and their partners,” he said.
“Any vessel or oil shipment intended for America, the Zionist regime or their hostile allies will be a legitimate target for us.”
He also warned Washington and Tel Aviv that attempts to manipulate global energy prices would fail.
“With the expansion of war in the region, you should prepare for $200 per barrel because the price of oil depends on security in the region, and you are the source of insecurity,” he added.
IEA moves to stabilise oil markets
Amid fears of supply disruption, the International Energy Agency (IEA) said member countries would release 400 million barrels of oil from emergency reserves — the largest such coordinated release in its history.
IEA Executive Director Fatih Birol said the move was aimed at easing pressure on global markets and preventing severe supply shortages.
“IEA countries have unanimously decided to launch the largest-ever release of emergency oil stocks in our agency’s history,” Birol said.
The coordinated action surpasses the 182 million barrels released by IEA members in 2022 following the Russian invasion of Ukraine.
The 32-member energy body said the reserves would be released gradually, depending on national circumstances.
According to the agency, restoring normal oil and gas transit through the Strait of Hormuz remains the most critical factor for stabilising global energy markets.
ADC calls for petrol price cap in Nigeria
In Nigeria, the African Democratic Congress (ADC) has urged the Federal Government to introduce a temporary cap on petrol prices to protect citizens from worsening fuel costs.
In a statement signed by its National Publicity Secretary, Bolaji Abdullahi, the party warned that global oil market volatility could worsen Nigeria’s cost-of-living crisis.
“ADC calls on the Federal Government to immediately introduce a temporary and time-bound cap on petrol prices to prevent further increases that continue to push the cost of living beyond the reach of millions of Nigerians,” Abdullahi said.
The party also criticised the government’s plan to distribute 100,000 compressed natural gas (CNG) conversion kits, arguing the figure represents less than one per cent of Nigeria’s more than 11 million vehicles.
ADC said the programme is further limited by the small number of CNG refuelling stations across the country.
The party warned that external shocks from the Middle East crisis should not justify unchecked fuel price increases in Nigeria’s fragile economy.
