Iran intensifies attacks on oil and gas facilities in Gulf after Israeli strike on key gas field

Iran has stepped up its assaults on oil and gas facilities in the Gulf as of Thursday, significantly heightening tensions in a conflict that is impacting the global economy. These attacks are a response to an Israeli strike on a vital Iranian gas field, leading to a surge in fuel prices and endangering Iran's Arab neighbors with deeper involvement in the conflict. Tehran's focus on energy facilities adds pressure to a global supply chain already strained by its control over the Strait of Hormuz, a crucial waterway that carries a fifth of the world’s oil. Highlighting the risks to vessels in the area, one ship caught fire near the United Arab Emirates, while another was damaged off the coast of Qatar. Additionally, an Iranian drone struck a Saudi refinery on the Red Sea, which Saudi Arabia had intended to use as an alternative route. Brent crude oil, which is the international benchmark, soared to $118 a barrel, marking an increase of over 60% since the start of the conflict on February 28 when Israel and the United States launched strikes against Iran. As a European Union summit approaches, influenced by rising energy prices, French President Emmanuel Macron criticized the situation, labeling it a “reckless” escalation and called for a ceasefire and negotiations as Ramadan nears its end. Energy infrastructure in the Gulf has been under attack, prompting Qatar, Saudi Arabia, and the UAE to condemn Iran's actions. Ahmed Aboul Gheit, Secretary-General of the Arab League, referred to these attacks as a “dangerous escalation.” Despite this, Iran appears unyielding. Saudi Arabia reported intercepting six drones over Riyadh and its Eastern province, and confirmed that the SAMREF refinery in the Red Sea city of Yanbu was struck. To avoid the Strait of Hormuz, Saudi Arabia had started directing large amounts of oil westward towards the Red Sea. The Saudi Defense Ministry and Shell have stated that they are currently assessing the damage at the facility.