Iran's $200 oil barrel threat rattles global markets. Amid escalating U.S. and Israeli strikes, Tehran warned crude could skyrocket, potentially pushing American gas prices above $5 per gallon from current $3.57 levels. The U.S. and International Energy Agency are responding aggressively with a historic reserve release: 400 million barrels from IEA members and 172 million from America's Strategic Petroleum Reserve beginning next week. Oil recently surged past $100 for the first time since 2022, peaking near $120 before settling around $90 Wednesday. West Texas Intermediate crude traded just under $86. Experts caution the reserve releases will only partially offset supply disruptions through the Strait of Hormuz. The geopolitical tension underscores how regional instability directly impacts global energy markets and consumer prices across the economy.
