Oil Prices Continue to Rise as Israel Strikes Iran, Iran Strikes Gulf Energy Sites

Israel struck several major oil facilities across Iran, but the regime retaliated with strikes on natural gas and oil facilities in Qatar and Saudi Arabia

The significant escalation of the war came after Israel approved a strike on Iran's South Pars natural gas field– the largest in the world. The gas field is currently split between Qatar and Iran, but Iran's share of the field supports more than 70% of their natural gas infrastructure.

Israel also struck multiple fuel depots in Tehran, turning skies a fiery red as thick black smoke covered the city. Some locals reported that noon felt more like 10 pm due to the darkness caused by the smoke. As the oil mixed with the water vapor in the atmosphere, a toxic acid rain fell over the city, leaving residents with headaches, burns, and a constant smell of smoke everywhere. Some reports confirmed this further, finding that the explosions had released massive amounts of hydrocarbons, sulfur, and nitrogen oxides– all of which are highly toxic to both humans and the environment. Oil was also seen running down streets and dropping out of the air.

As part of their retaliation, Iran attempted to strike energy facilities in the UAE, Qatar, and Saudi Arabia. In Qatar, Iran hit the nation's Ras Laffan natural gas facility, one of the world's largest liquefied natural gas (LNG) facilities.

The UAE reported that some infrastructure at the Habshan gas facility and the Bab oil field was damaged due to debris from intercepted strikes, and Saudi Arabia confirmed that they had taken down a drone attack targeting an oil facility in the eastern part of the nation. Saudi Arabia also intercepted at least four ballistic missiles headed towards Riyadh, the nation's capital, but the falling debris from the interceptions did significant damage to certain areas.

The escalation marks a massive turning point in the war, which was originally centered on assassinating Iranian leadership and destroying their military capabilities. Now, Israel is targeting Iranian energy exports, and Iran is doing the same to the Gulf states that are bearing the brunt of this war. Saudi Arabia and Qatar are also beginning to lose their patience with Iran, with both nations signaling that future military involvement is possible if attacks continue.

However, the leaders of both nations were furious with Israel's decision to attack Iranian fuel sites in the first place, and the US government later stated that they had no prior knowledge of the attack. In an attempt to de-escalate the situation, US President Donald Trump called for both sides to halt all attacks on energy infrastructure, but Israel and Iran may already be past that stage.

The attacks on oil depots and gas fields sent crude oil prices skyrocketing past $115 a barrel, and it could have major implications for the entire world. Gas prices are already through the roof, and some nations in eastern Asia are having to resort back to coal-fired plants due to the shortage of LNG. Airfares are also on the rise as jet fuel becomes more expensive– just another sign that consumers all over the world are bearing the brunt of the impact as these three countries clash in the Gulf.

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Image credit to AFP