Israel-Iran war threatens oil and gas
Israel struck Iran’s South Pars gas field — one of the world’s largest — as well as major refining and storage facilities near Tehran. Iran responded with missile attacks, including one targeting a refinery in the Israeli port city of Haifa, shutting down the plant.
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There’s been a dearth of regional deals this week as tensions between Iran and Israel escalate, raising the specter of US involvement. Israel’s prime minister justified Friday’s initial missile strikes on Iran as trying to eliminate Tehran’s capability to make an atomic bomb. In the wake of the attacks, global energy markets have been volatile, with prices trending upward. Analysts warn that any disruption in the strategic Strait of Hormuz, a vital oil transit route, could send crude prices soaring.
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