Following strikes on military targets and shipping disruptions earlier in March, the Israel-Iran war intensified as both sides hit oil and gas production and export facilities. The attacks raise alarms for global energy markets, prompting the International Energy Agency to urge conservation amid fears of severe price shocks.
Building on Israel's March 12 airstrikes on Revolutionary Guard Corps sites and subsequent Strait of Hormuz disruptions, the conflict escalated this week with reciprocal attacks on critical energy infrastructure. Israel and Iran targeted each other's oil and gas facilities, amplifying strains on already volatile commodity markets and threatening long-term global economic stability. An analyst warned: “This will be so, so, so, so, so bad.”
On Friday, the International Energy Agency recommended public measures including working from home, driving slowly, and limiting gas stove use to mitigate impending price surges. These developments represent a dangerous new phase, directly imperiling energy supplies in a war that began with early March operations against Iran's missile and nuclear capabilities.