Iran Intensifies Strikes on Energy Facilities, Global Oil Prices Surge

Amid the ongoing Iran-Israel War, tensions across the Gulf region have intensified significantly. Israel has announced that it will halt further attacks on a key Iranian natural gas field, while Iran has escalated its strikes on oil and gas infrastructure across the region. These developments have dealt a major blow to global energy markets and the wider economy. The situation has been further aggravated by Iran’s control over the Strait of Hormuz, a critical route for global fuel supply, which was already under pressure. The recent attacks have pushed energy prices higher. Israeli Prime Minister Benjamin Netanyahu stated late Thursday that Israel would refrain from further strikes on the gas field following a request from former US President Donald Trump. Since the conflict began on February 28, several top Iranian leaders have reportedly been killed. Although Iran’s military capability has been weakened, it continues to carry out missile and drone attacks on neighboring Arab countries. Attacks on shipping vessels and Saudi Arabian refineries have driven crude oil prices up to $119 per barrel, marking an increase of over 60 percent since the beginning of the conflict. Meanwhile, loud explosions were reported in Dubai as air defense systems intercepted incoming projectiles. The incident occurred as people gathered to celebrate Eid-ul-Fitr at the end of the holy month of Ramadan. In Bahrain, debris from an intercepted projectile caused a fire at a warehouse, according to the interior ministry. Kuwait also reported a fresh drone attack on the Mina Al-Ahmadi oil refinery, where multiple units caught fire. Firefighters were working to control the blaze, and no immediate casualties were reported. The attack came during Eid-ul-Fitr celebrations, as Iran intensified its targeting of energy facilities in Gulf nations following Israeli strikes on the South Pars offshore gas field earlier in the week. In a separate statement, Netanyahu claimed that Iran’s military strength had been severely degraded, asserting that its air defenses were ineffective, its navy had been significantly damaged, and its air force was nearly destroyed. He also expressed hope for internal resistance against Iran’s ruling establishment, although no organized uprising has been reported since protests earlier this year were suppressed. The United Nations Security Council held an emergency closed-door meeting to address Iran’s attacks on Gulf countries. Nations in the region called for an immediate halt to hostilities. Saudi Arabia’s Red Sea refinery and Qatar’s Ras Laffan gas facility suffered significant damage, leading to a 17 percent drop in Qatar’s exports, with repairs expected to take up to five years. Oil and gas operations in Kuwait and Abu Dhabi have also been targeted. On the other hand, in Israel, missile attacks from Iran triggered sirens across multiple areas, including Jerusalem and the West Bank, forcing millions of residents to take shelter in bunkers.