Tehran, Iran. Israel launched a fresh wave of attacks on Iran on Friday, a day after President Donald Trump said he told Israel not to repeat strikes on Iranian natural gas infrastructure. Bahrain, Kuwait and the United Arab Emirates reported missile attacks in the early hours of Friday.
New wave of strikes in Tehran
A spokesperson for the Israeli Defense Forces said the military had begun “a wave of strikes against the infrastructure of the Iranian terror regime in the heart of Tehran,” without providing details.
Conflict widens and economic impact grows
The conflict has killed thousands of people, spread to neighbouring nations and hit the global economy since the United States and Israel launched strikes on February 28, after talks on Tehran’s nuclear program failed to yield a deal.
Regional attacks hit energy sites
Gulf states reported missile attacks after days of Iranian strikes on regional energy infrastructure that have roiled global markets. Energy prices rose on Thursday after Iran responded to an Israeli attack on a major gas field by hitting Qatar’s Ras Laffan Industrial City, which processes about a fifth of the world’s liquefied natural gas, causing damage that will take years to repair.
Saudi Arabia’s main port on the Red Sea was also attacked on Thursday, after it had been able to divert some exports to avoid Iran’s closure of the Gulf’s exit point, the Strait of Hormuz.
Oil prices fall as shipping security efforts expand
Oil prices fell on Friday as leading European nations and Japan offered to help secure safe passage for ships through the Strait of Hormuz, through which about a fifth of the world’s oil supplies flow, and the United States outlined moves to boost oil output.
Trump’s warning on energy infrastructure
The strikes on regional energy facilities highlighted Iran’s ability to impose costs in response to the U.S.-Israeli campaign and the limits of air defenses in protecting Gulf energy assets. Trump, facing political pressure from rising fuel prices ahead of November’s midterm elections, criticized allies he said had responded cautiously to his demands to help secure the Strait of Hormuz, and said he told Israeli Prime Minister Benjamin Netanyahu not to repeat attacks on energy infrastructure.
What impact do you think efforts to secure shipping through the Strait of Hormuz will have on energy markets?
