Israel-Iran War: Potential Impact on Global Economy and Oil Markets

As deadly clashes between Israel and Iran enter a fourth day, fears are mounting that the conflict could engulf one of the world’s most vital oil and gas hubs. Markets were initially shaken by Israel’s surprise strikes on Friday but have since steadied.

Following the killing of several top Iranian military commanders and nuclear scientists, as well as damage to key nuclear sites, Israel targeted Iran’s energy sector on Saturday. Iranian state media reported a major fire at the South Pars gas field. Over 220 people, including at least 70 women and children, have reportedly died in the Israeli attacks, according to Iranian officials.