U.S.–Iran War Escalates as Oil Price Fears Surge Toward $200

MAR 12, KATHMANDU (Reuters) – The United States and Iran have signaled no quick end to their war, with U.S. President Donald Trump saying it was necessary to finish the job and Iran warning that the world should be ​ready for oil at $200 a barrel after striking tankers in Iraqi waters and other ships near the vital Strait of Hormuz.

The war unleashed with joint U.S. and Israeli air strikes nearly two weeks ‌ago has so far killed around 2,000 people, mostly Iranians and Lebanese, as it has spread into Lebanon and thrown global energy markets and transport into chaos.

Oil prices, which shot up earlier in the week to nearly $120 a barrel before settling back to around $90, rose nearly 5% on Wednesday and extended gains in Asian trade on Thursday amid renewed ​fears about supply disruption. Wall Street’s main share indexes fell.