Oil

Araghchi also added that Iran's attacks through the Middle East were "the consequence of the US aggression against us."

Options include a joint release of crude oil from strategic reserves, restricting US exports, intervening in oil futures markets, waiving some federal taxes, and lifting the Jones Act requirements.

Some jet fuel prices have doubled since the start of the conflict, with a growing risk of widespread aircraft groundings due to a potential drop in travel.

“Once every small city has its own plan or facility, not only for renewable energy, it becomes far more difficult for a single strike to collapse the system,” he said.

The US expressed surprise at the scale of Israeli strikes on Iranian oil depots, warning that targeting critical infrastructure could backfire.

As South Korean and Japanese stocks plummeted due to concerns about supply disruptions in the Strait of Hormuz, Brent crude surged 26% to $116 per barrel on Monday.

Iraq, Saudi Arabia, Kuwait, and Qatar also came under attack, as Oman's Muscat airport limited private jet flights into the Gulf State's capital.

The images emerging from Tehran this week depict what witnesses are calling a “hellscape” - an inferno stretching across the horizon as Israel reportedly targets fuel sites in Iran.

New Delhi seeks to balance ties with Washington, Jerusalem, and Tehran while protecting trade routes, energy supplies, and 9 million citizens working across the Gulf.

Shipping companies are already heeding Iran's warning, and the price of a gallon of gas is rising, most notably in California.