Iran's $200 Oil Warning: Strait of Hormuz Turmoil Threatens Global Economy

• Iran warns crude oil prices could hit $200 per barrel due to escalating instability in West Asia.
• Ibrahim Zolfaghari, Iranian military spokesperson, highlighted the deteriorating situation in the Persian Gulf and Strait of Hormuz.
• The Strait of Hormuz, vital for 20% of global oil supply, faces severe disruption with 14 vessels attacked since the war began.
• Iran threatens to target banks doing business with the US or Israel if it incurs economic losses, and will not normalize oil supplies from Hormuz until attacks cease.
• International Energy Agency (IEA) may release 400 million barrels from strategic reserves, but experts say it's a short-term fix for a potentially prolonged crisis.