Escalating Conflict: Iran-Israel Tensions Threaten Global Energy Markets

Israel has pledged to refrain from further attacks on Iran's South Pars gas field following escalating strikes by Iran on Gulf oil infrastructures. The intensifying conflict poses significant risks to global energy markets, as fuel supplies face additional strain due to strategic moves by Iran in controlling critical waterways.

Prime Minister Benjamin Netanyahu announced the decision after discussions with President Trump, highlighting ongoing military actions by the US and Israel since the conflict began in February. Despite claims of degraded Iranian military capabilities, the threat to neighboring countries from Iranian missile and drone attacks persists.

Amid heightened tensions, fuel prices have soared, with Brent crude oil briefly rising above USD 119 a barrel. The UN Security Council convened to address concerns about the stability in the Gulf region, as Iran continues its retaliatory strikes, impacting oil and gas production across the Middle East.