Hamit: $200 Oil Scenario Not Impossible Amid Iran War

Hamit made the remarks during the “Gündem” programme hosted by Ulas Baris on Kibris Postasi TV, where he assessed the crisis in the Strait of Hormuz and developments in global oil markets.

He said fluctuations in oil prices are moving in parallel with rising regional risks. According to Hamit, the war has created both supply access problems and heightened risk, pushing prices upward. Even if global demand remains stable, the inability to access available supply can lead to price increases, he explained.

Hamit noted that the release of strategic petroleum reserves—normally expected to be used only in emergency situations—has helped ease prices to some extent. However, he said these reserves would cover roughly three months of global consumption at current demand levels.

He stressed that in many previous wars strategic reserves were not released to the market, making the current situation unusual. The fact that reserves have been opened during the Iran conflict, he said, demonstrates how serious the crisis has become.

Commenting on statements by Iranian officials suggesting oil prices could reach $200 per barrel, Hamit said such a scenario cannot be ruled out. He added that Iran’s capacity to respond to attacks will be a key factor influencing whether that possibility materialises.

Hamit also said that rising gold prices are moving in parallel with geopolitical risks and can serve as a signal of growing global uncertainty. Despite the release of strategic reserves, he noted, the resulting supply has not been sufficient to halt the upward pressure on prices.

He further argued that the currency volatility seen globally is linked to the same dynamics, adding that the foreign exchange pressures experienced domestically are unfolding in parallel with these international developments.