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DUBAI, United Arab Emirates (AP) — Israel announced it will refrain from further strikes on a critical Iranian gas field as Iran escalated its attacks
on oil and natural gas facilities across the Gulf. This development heightens tensions in a conflict that has already impacted energy markets and the global economy. The situation has put global fuel supplies under strain due to Iran's control over the Strait of Hormuz, a vital waterway responsible for transporting one-fifth of the world's oil. The recent Iranian retaliation for an Israeli attack on its South Pars gas field has further driven fuel prices upward, intensifying the risk of regional escalation.
Netanyahu's Commitment
Israeli Prime Minister Benjamin Netanyahu stated on Thursday that, following a request from President Donald Trump, Israel will cease any additional attacks on the offshore gas field. Since the commencement of hostilities on February 28, the U.S. and Israel have significantly weakened Iran's military capabilities, according to Netanyahu, who claimed that Iran is no longer able to enrich uranium or produce ballistic missiles, although he provided no evidence to support this assertion.Escalating Attacks and Economic Impact
Despite Israel's claims, Iran, now under the leadership of the supreme leader's son who was killed in the initial strikes, remains capable of launching missile and drone attacks against Gulf Arab nations. The threat to maritime operations was highlighted when a vessel caught fire off the coast of the United Arab Emirates, while another was damaged near Qatar. Additionally, an Iranian drone targeted a Saudi refinery on the Red Sea, complicating efforts to bypass the Strait of Hormuz.Brent crude oil prices surged to over $119 a barrel, marking an increase of more than 60% since the conflict began. European natural gas prices also saw a sharp rise, nearly doubling within the past month.
U.N. Security Council Meeting
The United Nations Security Council convened an urgent meeting where Gulf nations emphasized the necessity for Iran to cease its attacks. Bahrain’s U.N. Ambassador Jamal Alrowaiei remarked on the urgency of the situation, reflecting the sentiments of the affected countries.Iran has shown no inclination to de-escalate, with Saudi Arabia reporting that its SAMREF refinery was struck. In response, Saudi Arabia has redirected oil shipments westward to avoid the Strait of Hormuz. Qatar reported that Iranian missiles caused significant damage to its Ras Laffan liquefied natural gas facility, reducing exports by approximately 17% and leading to an estimated $20 billion in annual revenue losses.
Military Developments and Casualties
In Israel, sirens prompted millions to seek shelter following a barrage of Iranian missiles that struck central regions, including Jerusalem and surrounding areas. Netanyahu asserted that Iran's military capabilities have been severely diminished, claiming their air defenses and navy are effectively incapacitated.However, the conflict has resulted in substantial casualties, with over 1,300 fatalities reported in Iran, while strikes against Hezbollah in Lebanon have displaced over 1 million people, according to Lebanese officials. In Israel, 15 individuals have died from Iranian missile attacks, and four fatalities were reported in the occupied West Bank.
U.S. Response and Future Actions
General Dan Caine, chairman of the Joint Chiefs of Staff, indicated that U.S. forces are conducting deeper operations within Iranian territory, targeting vessels in the Strait and utilizing substantial munitions on weapons storage facilities. Meanwhile, Iran's state media claimed an F-35 fighter jet was struck by their air defense system, although U.S. Central Command reported the aircraft landed safely following a combat mission.Trump has condemned the attacks on South Pars and, after requesting Israel to refrain from further strikes, warned that continued Iranian aggression would provoke a significant U.S. response. He categorically stated that he would not deploy troops to Iran.
