NEW DELHI: Iran has threatened the United States with “economic warfare” and announced plans to establish a maritime exclusion zone in the Persian Gulf, escalating tensions following recent US strikes on Iranian oil tankers.

Iranian officials have also claimed that Tehran launched an advanced Qassem Basir ballistic missile toward US warships near the Strait of Hormuz. The United States said it evaded the attack.

Iran’s Supreme National Security Council has warned that vessels entering the proposed exclusion zone could face sanctions, while Tehran is also planning to announce a new shipping corridor through the strategically vital Strait of Hormuz.

The developments have heightened concerns over global energy supplies, as the Strait of Hormuz remains a crucial route for oil and gas shipments. Shipping traffic through the waterway has already slowed sharply amid the escalating US-Iran confrontation.

The tensions have also pushed oil prices higher, with Brent crude rising to around $97.49 a barrel on Tuesday as markets assessed the risk of prolonged disruptions to Middle Eastern energy supplies.

The latest escalation comes as diplomatic efforts remain stalled, raising fears that further military confrontation could disrupt regional stability and global energy markets.