Israel launched a fresh wave of strikes against Iran on Monday, intensifying a conflict that is shaking global energy markets and raising fears of a wider regional war.
Explosions were reported in Tehran, according to Iranian media, while authorities in Saudi Arabia and the United Arab Emirates said they were intercepting incoming missiles and drones as tensions spread across the Gulf.
The scale of the damage to energy infrastructure is already significant. The chief of the International Energy Agency, Fatih Birol, said at least 40 energy assets across the oil- and gas-exporting region have been “severely or very severely damaged” since the conflict escalated following Israeli and US attacks on Iran.
The war has now entered its fourth week.
Iran has responded to the assaults by launching missiles and drones at Israel and targets across the Gulf in recent weeks, striking energy facilities and US embassies.
Tehran has also restricted traffic through the Strait of Hormuz, a crucial maritime route that carries about a fifth of the world’s crude oil shipments.
With oil prices hovering above $100 per barrel amid supply concerns, US President Donald Trump warned that Washington could take further action if shipping through the strait is not restored.
Trump threatened to “obliterate” Iranian power plants if Tehran failed to reopen the waterway within 48 hours, setting a deadline that would fall at 23:44 GMT, early Tuesday in Iran.
Iran responded with a stern warning. Parliament Speaker Mohammad Bagher Ghalibaf said critical infrastructure across the region would “be considered legitimate targets and will be irreversibly destroyed” if the United States followed through on the threat.
Highlighting the broader economic risks, Birol said the conflict has already removed about 11 million barrels of oil per day from the market — exceeding the losses recorded during two consecutive oil crises in the 1970s.
“No country will be immune to the effects of this crisis if it continues to go in this direction. So there is a need for global efforts,” Birol told journalists in Canberra.
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