Energy economist Ed Hirs has warned that global oil prices could soar to 150 dollars per barrel due to ongoing military operations by the United States and Israel against Iran. Speaking to Al Jazeera, the University of Houston lecturer said that if even half of the oil shipments through the Strait of Hormuz are disrupted, prices could reach that level. He cautioned that such a scenario could occur if the US Navy fails to ensure the safety of tankers navigating the strait.

Hirs noted that the impact is already visible in the liquefied natural gas (LNG) market, where prices rose by more than 40 percent on the first day of the attacks. Between Monday and Tuesday, natural gas prices in several European countries nearly doubled. Diesel prices have also increased sharply, prompting gas-dependent nations to stockpile petroleum, which is affecting future energy orders in some US states.

He further warned that the New England region of the United States could face significant challenges, potentially increasing domestic pressure on the Donald Trump administration ahead of the upcoming midterm elections.