Iran, Israel Strikes Disrupt Major Oil, Gas Facilities

The ongoing military conflict between Israel and Iran has significantly impacted critical oil and gas infrastructure in both countries, raising concerns about regional and global energy supply disruptions. Israel's strikes targeted Iran's South Pars offshore gas field, part of the world's largest natural gas reservoir shared with Qatar, leading to partial suspension of production. Iran also experienced attacks on a Tehran fuel depot and an oil refinery, while Israel's largest refinery in Haifa was shut down after an Iranian attack damaged its power station. Iran's oil exports have almost halted, with crude exports falling dramatically from an average of 1.7 million barrels per day to about 102,000 barrels, intensifying global market concerns. The strategic Strait of Hormuz remains a critical chokepoint for nearly a fifth of the world's oil and gas shipments, and any disruption there could trigger a severe spike in prices. Despite these disruptions, energy prices have fluctuated as both sides have so far avoided targeting the most sensitive energy infrastructure and supply routes, though the situation remains volatile.