Israel Launches Fresh Strikes on Iran, Global Oil Crisis Worsens

Israel Launches Fresh Strikes on Iran, Global Oil Crisis Worsens

Israel has launched a new wave of military strikes on Iran, escalating an already volatile conflict that has now entered its fourth week and is sending shockwaves through global energy markets.

Iranian media reported explosions in Tehran on Monday as air defence systems were activated in response to incoming threats. At the same time, regional allies of the United States, including Saudi Arabia and the United Arab Emirates, said they intercepted missiles and drones amid heightened security alerts across the Gulf.

The renewed strikes form part of a sustained cycle of Israel–Iran hostilities, which began with coordinated Israeli and United States operations targeting Iranian-linked assets. Since then, both countries have continued exchanging missile and drone attacks, widening the scope of the confrontation across the Middle East.

Iran has responded with retaliatory strikes targeting Israeli territory as well as strategic locations across the Gulf region. Reports indicate that some of these attacks have focused on energy infrastructure and facilities linked to military and diplomatic interests, further intensifying concerns about regional stability.

The conflict has already had a significant impact on global energy supply chains. According to the International Energy Agency (IEA), at least 40 oil and gas infrastructure assets across the region have been “severely or very severely damaged,” highlighting the scale of disruption caused by the ongoing hostilities.

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IEA President Fatih Birol warned that the crisis has resulted in the loss of millions of barrels of oil per day, describing the situation as one of the most severe disruptions to global energy in decades. He cautioned that prolonged instability could have widespread economic consequences, particularly for countries dependent on imported energy.

Global crude oil prices have surged above $100 per barrel due to supply concerns linked to the conflict. The volatility has already begun affecting financial markets, with Asian equities declining as investors react to rising energy costs and uncertainty over future supply.

A major concern remains the Strait of Hormuz, a critical maritime route through which about one-fifth of the world’s crude oil passes. Iran has introduced restrictions on passage, allowing limited access to vessels from certain countries while warning that ships from nations it considers hostile may be blocked.

Iranian authorities are also considering imposing charges on vessels using the strait, signaling potential long-term changes to global shipping dynamics. Officials have stated that maritime traffic in the region may not return to pre-conflict normalcy, further heightening concerns about global trade disruption.

Tensions escalated further following warnings from international actors. Former US President Donald Trump threatened possible strikes on Iranian infrastructure, including power stations, if Tehran failed to reopen the Strait of Hormuz within a specified timeframe. His comments added to fears of broader escalation involving external powers.

In response, senior Iranian officials, including parliament speaker Mohammad Bagher Ghalibaf, warned that critical infrastructure across the region could become legitimate targets if attacks on Iran continue. Such statements have raised the possibility of a wider regional conflict involving energy facilities, shipping routes, and military assets.

Neighbouring Gulf countries have increased security measures, deploying additional air defence systems and strengthening surveillance to protect key infrastructure and population centres. Meanwhile, diplomatic efforts aimed at de-escalation have so far struggled to produce meaningful breakthroughs.

Analysts say the continued exchange of strikes reflects a dangerous escalation pattern with limited signs of immediate resolution. The combination of military confrontation, energy disruption, and maritime tensions has placed the global economy under increasing pressure.

As the conflict persists, international attention remains focused on whether diplomatic intervention can prevent further escalation or whether the situation will expand into a broader regional war with far-reaching consequences for global security and energy stability.

Israel Launches Fresh Strikes on Iran, Global Oil Crisis Worsens