Iran has launched a series of strikes on energy installations in the Gulf, including a petroleum complex in Bahrain, sparking fears of supply disruptions and sending oil prices soaring. The attacks have raised concerns about the safety of critical energy infrastructure in the region, with Qatar and Kuwait also reporting disruptions to their energy exports. The Strait of Hormuz, a vital shipping route for global oil and gas supplies, has been effectively closed, causing tanker traffic to grind to a halt and pushing prices to their highest levels since Russia’s invasion of Ukraine in 2022.
The impact of the attacks is being felt globally, with Asian stock markets plunging and energy prices skyrocketing. India’s Adani Total Gas has raised prices for industrial clients, citing lower availability of gas due to the conflict in the Middle East. The global energy market is bracing for further disruptions, with analysts warning that oil prices could hit $150 per barrel if the situation persists.
