Iran’s attacks on major energy facilities in Saudi Arabia, Qatar, and Kuwait have caused a sharp surge in crude oil and natural gas prices. This action was carried out in retaliation for Israel’s strike on Iran’s South Pars gas field a day earlier. These developments indicate an intensification of the conflict in the Middle East. About 20% of the world’s oil supply passes through the Strait of Hormuz. However, Iran’s actions have disrupted this crucial route. Satellite images have confirmed damage to the Al Dhafra airbase in the UAE due to Iranian strikes. France has termed the conflict irresponsible and called for a ceasefire. Germany has stated that it will not participate in any military operations but is willing to assist if the attacks stop. Australia has firmly stated that Europe cannot be blackmailed into this war. The Arab League has warned that rising oil prices due to these attacks are dangerous and will impact the entire world. China has urged restraint and called for an immediate halt to the conflict to maintain stability. Overall, both the war and rising crude oil prices are expected to have global repercussions.
