The warning came as Iranian forces targeted multiple commercial ships in the Gulf on Wednesday, marking a significant escalation in the ongoing conflict involving Iran, the United States and Israel. At least three merchant vessels were struck by projectiles, with one vessel catching fire and crews evacuated.

Iranian military officials said the attacks were part of a broader campaign aimed at disrupting oil flows to adversaries and their allies.

“Get ready for oil at $200 per barrel,” said Ebrahim Zolfaqari, spokesperson for Iran’s Khatam al-Anbiya military command. “The price of oil depends on regional security, which you have destabilized.”

Shipping Route at the Center of Global Energy Trade

The Strait of Hormuz, located between Iran and Oman, handles about 20% of the world’s oil and liquefied natural gas shipments, making it the single most important maritime corridor for energy supplies.

Since the conflict intensified nearly two weeks ago, commercial shipping through the narrow waterway has slowed dramatically. Iran has reportedly laid naval mines in the strait and warned that vessels linked to the United States, Israel or their allies could be considered legitimate targets.

Maritime security agencies say at least 14 vessels have been struck since the crisis began, highlighting the growing risk to global trade and shipping.

War Escalation in the Middle East

The current escalation follows joint U.S. and Israeli strikes on Iranian targets, which triggered retaliatory attacks by Tehran across the Middle East. Military exchanges have since expanded to include missile strikes, drone attacks and maritime operations.

The conflict has already resulted in thousands of casualties across Iran and Lebanon, according to regional reports, while both sides continue to signal that the fighting may persist.

Israeli officials have stated their campaign will continue indefinitely until Iran’s offensive capabilities and regional influence are dismantled.

Oil Markets on Edge

Energy markets have reacted sharply to the disruption.

Global crude prices surged earlier this week to nearly $120 per barrel, the highest level in several years, before easing to around $90 as investors speculated that the conflict might be contained.

However, analysts warn that a prolonged blockade of the Strait of Hormuz could trigger one of the most severe supply shocks since the oil crises of the 1970s.

“If the waterway remains closed or dangerous for shipping, the world could lose access to millions of barrels of oil per day,” energy analysts say.

Emergency Energy Measures Considered

In response to the crisis, the International Energy Agency is reportedly considering a record release of up to 400 million barrels from global strategic oil reserves to stabilize markets and maintain supply.

Such a move would be the largest coordinated release of emergency reserves in history, though experts say it would cover only a few weeks of disrupted shipments.

Meanwhile, governments and shipping companies are reassessing maritime security in the Gulf, with discussions ongoing about possible naval escorts for commercial tankers.

Global Economic Impact

A surge in oil prices toward $200 per barrel could have far-reaching consequences for the global economy, including:

• Rising fuel and transportation costs
• Increased inflation worldwide
• Supply chain disruptions
• Higher electricity and heating prices

For oil-importing nations, the crisis could also strain economic growth and increase pressure on central banks already dealing with inflation.

Outlook

Despite diplomatic efforts, there are no clear signs of de-escalation. Iran has vowed to continue attacks on targets linked to its adversaries, while the United States and Israel say their military operations will persist until strategic objectives are met.

With shipping through the Strait of Hormuz under threat and regional tensions escalating, energy markets and governments worldwide are bracing for further volatility.

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Speaking at a regular press briefing in Beijing on Wednesday, Chinese Foreign Ministry spokesperson Guo Jiakun said China “does not agree” with strikes targeting Gulf countries and strongly condemned attacks on civilians and non-military infrastructure.

China Calls for Restraint

The statement comes amid intensifying military exchanges in the region following the outbreak of the 2026 Iran war, involving Iran, Israel and allied forces. Beijing emphasized that all sides should avoid actions that could further destabilize the Middle East.

Chinese officials stressed that attacks on civilian facilities or populated areas are unacceptable and called on all parties to exercise restraint while pursuing diplomatic solutions.

China has consistently urged negotiations and de-escalation since the conflict erupted, warning that continued military escalation could threaten global security and economic stability.

Iranian Strikes Across the Gulf

Iran has launched missile and drone attacks targeting several Gulf states during the conflict. The strikes have affected countries including Bahrain, Kuwait and Oman where military installations, infrastructure and shipping routes have come under attack.

Some of the attacks have also targeted commercial shipping lanes and strategic infrastructure in the Persian Gulf, raising fears about the safety of international energy supplies and global trade.

Regional air defense systems have intercepted many incoming missiles and drones, but several strikes have still caused casualties and damage to infrastructure.

Beijing Balances Regional Ties

China maintains strong economic and diplomatic relationships with both Iran and Gulf Arab states, making the conflict particularly sensitive for Beijing. The country is a major importer of Middle Eastern oil and has invested heavily in regional infrastructure and trade networks.

While China has criticized attacks on Gulf nations, it has also condemned U.S. and Israeli military operations against Iran and called for an immediate ceasefire and negotiations to resolve the crisis.

Analysts say Beijing is trying to maintain a balanced diplomatic stance defending regional stability while protecting its strategic partnerships across the Middle East.

Growing International Concern

The widening conflict has sparked global concern as fighting spreads beyond Israel and Iran into the broader Gulf region. Rising oil prices, threats to shipping routes and attacks on civilian infrastructure have increased fears of a prolonged regional war.

China has reiterated its support for diplomatic mediation and warned that further escalation could have serious consequences for the global economy and international security.

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Dubai Airport Suspends All Flights

Dubai International Airport (DXB) the world’s busiest international hub has suspended all flight operations indefinitely, along with Dubai World Central (DWC), owing to safety concerns amid escalating tensions, Dubai Airports authorities said. Passengers were advised not to travel to the airports as the situation unfolds.

Several Gulf nations, including the United Arab Emirates, Qatar, Bahrain, Kuwait, Jordan, and Iraq, have closed their airspace, leading to widespread cancellations and rerouting of flights across the region. Major carriers including Emirates, flydubai, Etihad, and Qatar Airways have halted operations pending further developments.

Explosions Reported Across the Gulf

Multiple explosions have been reported in Gulf cities including Dubai, Abu Dhabi and Doha as Iran launches a significant series of missile strikes in retaliation for the military offensive. Iranian retaliation has extended beyond military bases, with airspace closures and repeated interceptions of incoming projectiles by Gulf air defense systems.

Regional Response and Condemnation

Several Gulf nations have condemned Iran’s actions as violations of territorial sovereignty, warning of serious consequences if the missile strikes continue. Saudi Arabia said it stands ready to support its allies with “all its capabilities” amid the ongoing hostilities.

Regional bodies and neighbours have expressed alarm over the rapid escalation and warned that the violence threatens broader stability in the Middle East. Governments have urged restraint even as tensions remain high.

Wider Global Impact

The disruption to Middle Eastern airspace a major corridor for global aviation is causing global travel chaos. Airlines have cancelled flights not only within the region but also affecting international routes that transit over Gulf airspace.

With the situation extremely fluid, governments around the world are advising travellers to check with airlines before heading to airports and to remain ready for rapid changes in flight schedules.