Oil

“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.

The Trump administration is deploying a $20 billion maritime reinsurance program through the DFC to restore Hormuz shipping. Move targets soaring energy prices as Iran war halts Gulf commerce.

Earlier, Iranian state media had reported that the Islamic Revolutionary Guards Corps said it had targeted the Haifa oil refinery in response.

While oil and gas prices have surged this week, as ship traffic through the Strait of Hormuz has all but halted, they remain far below the highs seen just after Russia invaded Ukraine.