Photo by JOHN WESSELS / AFP
Israel launched a fresh wave of airstrikes on Iran on Monday, escalating a conflict that has sparked fears of widespread retaliation and plunged global markets into a severe energy crisis.
Explosions were reported in Tehran, according to Iranian media, while Saudi Arabia and the United Arab Emirates confirmed intercepting incoming missiles and drones amid growing regional instability.
The crisis has significantly impacted global energy supplies, with the head of the International Energy Agency, Fatih Birol, revealing that at least 40 oil and gas facilities across the region have suffered severe damage since the conflict began.
The war, which erupted following joint military strikes by Israel and the United States on Iran, has now entered its fourth week, with Tehran responding by launching missiles and drones targeting Israeli territory, energy infrastructure, and U.S. interests in the Gulf.
Iran has also disrupted shipping activities in the Strait of Hormuz, a critical route through which about one-fifth of the world’s crude oil supply passes, further intensifying global supply concerns.
With oil prices soaring above $100 per barrel, Donald Trump issued a stern warning, threatening to “obliterate” Iranian power plants if Tehran failed to reopen the vital waterway within 48 hours. The deadline, based on his statement, was set to expire late Monday night (GMT), corresponding to early Tuesday in Iran.
In response, Iran’s parliament speaker, Mohammad Bagher Ghalibaf, declared that key infrastructure across the Middle East would become legitimate targets if the threat was carried out, vowing decisive retaliation.
Highlighting the severity of the situation, Birol disclosed that the conflict has already removed approximately 11 million barrels of oil per day from global supply—surpassing losses recorded during the oil crises of the 1970s.
Speaking in Canberra, he warned that no country would be spared the economic consequences if the crisis continues to escalate, calling for urgent global cooperation to stabilise the situation.
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