Netanyahu says Israel will stop attacks on Iranian gas field

Iran increased its assaults on oil and natural gas sites around the Gulf on Thursday, escalating a conflict that is troubling energy markets and the global economy. The attacks were a response to an Israeli strike on a significant Iranian gas field, which caused fuel prices to surge and raised concerns about the involvement of Iran's Arab neighbors in the conflict. Global fuel supplies were already strained due to Iran's control over the Strait of Hormuz, a key waterway where one-fifth of the world's oil moves through. Israeli Prime Minister Benjamin Netanyahu announced late Thursday that, at the request of President Donald Trump, Israel would refrain from any new attacks on the Iranian gas field. Since the US and Israel began the war on February 28, many of Iran's top leaders have been killed in airstrikes, and the country’s military strength has been significantly reduced. Netanyahu claimed that Iran can no longer enrich uranium or produce ballistic missiles, although he did not provide proof of this. Nevertheless, Iran, now under the leadership of the son of the supreme leader killed at the start of the conflict, still has the capability to carry out missile and drone strikes that threaten its Gulf Arab neighbors and the global economy reliant on their energy supplies. The risks to ships in the area were highlighted when a vessel caught fire near the United Arab Emirates, and another was damaged off the coast of Qatar. Attempts to find alternate routes were also hindered when an Iranian drone attacked a Saudi refinery on the Red Sea, which had been intended as a bypass. Brent crude oil, the global benchmark, briefly rose above $119 a barrel, marking an increase of over 60% since the conflict began. The European benchmark for natural gas prices also spiked significantly, roughly doubling in the past month. Qatar, Saudi Arabia, and the UAE condemned the Iranian attacks. Arab League Secretary-General Ahmed Aboul Gheit labeled them as a “dangerous escalation.” However, Iran showed no intention of retreating. Saudi Arabia confirmed that its SAMREF refinery in the Red Sea port city of Yanbu was struck. The country had started to move substantial amounts of oil westward toward the Red Sea to avoid the Strait of Hormuz.