Israeli and US strikes have reportedly targeted Iran's oil infrastructure, with the United States and Israel conducting airstrikes on the Tondgouyan Oil Refinery south of Tehran. Israel's N12 News reported the bombardment, while videos circulating online appeared to show large explosions and fires. Iran's state-affiliated Fars News Agency said an oil refinery in southern Tehran had been hit.
The reported strikes come amid an escalating conflict involving Israel, the United States and Iran, which has increasingly affected the region's energy sector.
Iran holds nearly 209 billion barrels of proven crude-oil reserves, accounting for roughly 12% of global reserves. The country has significantly closed the Strait of Hormuz in retaliation for joint US-Israeli strikes launched last Saturday that killed Iran's supreme leader, Ali Khamenei. The move has strained oil and gas markets, with countries seeking alternative supply routes.
The disruption has already affected production in neighbouring countries. Iraq's Ministry of Oil said on Tuesday it would halt production at a key oil field because of the impact of the closure on regional shipping.
Global oil prices have risen sharply as a result. The international benchmark Brent crude climbed to about $92 a barrel. Speaking on Friday, Donald Trump sought to reassure consumers about higher fuel costs.
"They'll drop very rapidly when this is over, and if they rise, they rise, but this is far more important than having gasoline prices go up a little bit," he said.
The White House has argued that the long-term goal of the military campaign — which it has called Operation Epic Fury — will ultimately stabilise global energy markets.
White House press secretary Karoline Leavitt told Fox News that removing what she described as a "terrorist regime" from control of energy routes would benefit global markets.
"The goals of Operation Epic Fury will be a very good thing for the energy, and oil markets, and oil prices across the globe in the long-term, when you no longer have a terrorist regime that is restricting the free flow of energy through the Strait of Hormuz and to the rest of the world," she said, adding the administration was taking "tangible actions" to ease the energy crisis caused by Iran's actions.
US officials have also indicated the military could play a role in stabilising shipping through the strategic waterway.
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