&imwidth=800&imheight=600&format=webp&quality=medium "‘Many surprises in store,’ warns Iran as it blames Trump’s ‘Operation Epic Mistake’ for surging oil prices")
Describing United States military strikes against Tehran as "Operation Epic Mistake," Iran's Foreign Minister Abbas Araghchi on Monday (Mar 09) said just 9 days into the conflict ", oil prices have doubled while all commodities are skyrocketing." He added that "We (Iran) know that the US is plotting against our oil and nuclear sites in hopes of containing huge inflationary shock" and warned that the Islamic Republic "is fully prepared" have "many surprises in store."
These comments from Araghchi came as the WTI crude prices surged to $119.48 in a single trading session on Monday to finally settle near $103.32 per barrel, while Brent crude also traded above $100, marking over 50 per cent increase since the beginning of joint US-Israeli military strikes in Iran on February 28.
The strikes, codenamed Operation Roaring Lion by Israel and Operation Epic Fury by the United States, targeted government buildings, military installations, and suspected nuclear facilities, while aiming specifically to decapitate the highest levels of Iranian leadership. The strikes resulted in the killing of Supreme Leader Ayatollah Ali Khamenei on the first day of the campaign.
In retaliation, Iran targeted US military bases and strategic locations across Gulf nations, including Qatar, the UAE, Saudi Arabia, and Oman, leading to disruptions across the region. Moreover, Tehran has effectively halted shipping through the Strait of Hormuz, a vital artery for 20% of the world's oil. In response, major producers like Iraq, Kuwait, and the UAE have been forced to cut production as their storage tanks reach capacity with no way to export.
In response to the $100+ price tag, the G7 finance ministers are reportedly holding emergency talks today to discuss a coordinated release of petroleum reserves. While President Trump posted on Truth Social that the spike is a "very small price to pay for world safety," the International Monetary Fund warned that every sustained 10% rise in oil prices could slash 0.15% off global economic growth, threatening a "stagflation" crisis for import-dependent nations.
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(Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.)
