Quick overview

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Iran has temporarily halted gas production at the world’s largest gas field  after an Israeli strike on Saturday set it ablaze, according to the semi-official Tasnim news agency. This marks the first time Israel has attacked Iran’s oil and gas industry. Iran and Qatar both share the South Pars gas field.

Iran is thinking about closing the Hormuz Strait. Approximately 20% of the world’s oil and a sizable amount of natural gas flow through the Strait. In an interview with local media regarding the closing of the Strait of Hormuz, Revolutionary Guard commander Sardar Esmail Kowsari stated that “is under consideration, and Iran will make the best decision with determination.”.

“European industries would be disrupted, inflation would rise, and energy costs would spike. The industries of manufacturing, transportation, and agriculture would be particularly at risk.

Although Israel spared Iran’s gas and oil on the first day of its attacks, striking it would signify a serious escalation in the conflict, which had already caused oil prices to rise by 9% on Friday.

Israel launched an air campaign against Iran aimed at preventing Tehran from developing a nuclear weapon, resulting in the deaths of scientists and commanders and bombings of Nuclear sites.

Iran, the world’s third-largest gas producer after the United States and Russia, derives most of its gas from the South Pars field, located offshore in the southern Bushehr province.
Israel continued its aggression against Iran by targeting the Shahran oil depot in northwest Tehran. Fire department and emergency response teams were dispatched to the scene immediately.

According to Jalal Maleki, a spokesperson for the Tehran Fire Department, petroleum derivatives other than gasoline were found in the affected facility. He mentioned that necessary safety measures had been in place and that fuel levels in the tanks had been reduced in advance due to prior planning.

Maleki reported that two or three tanks caught fire, but none of these tanks contained gasoline. Various types of petroleum derivatives were the materials involved.

US President Donald Trump warned Tehran against attacking any US targets and asserted that the war could be resolved easily, leading to new attacks between Israel and Iran overnight into Sunday.

 Israeli rescue teams searched for survivors using flashlights and sniffer dogs as they combed through the debris of residential buildings destroyed in strikes after authorities reported that at least seven people, including children, had been killed.

The nuclear talks that Washington claimed were the only means to stop Israel’s bombing have been canceled by Tehran.

Prime Minister Benjamin Netanyahu has stated that Israel’s current attacks pale in comparison to what Iran will experience in the coming days. Trump declared in a message on Truth Social that “the full strength and might of the US Armed Forces will come down on you at levels never seen before if we are attacked in any way, shape, or form by Iran.”

He further stated that we can easily reach an agreement between Israel and Iran to put an end to this brutal war.

Trump provided no information about a potential agreement. Iran claims that 78 people were killed on Friday, the first day of Israel’s campaign, with more casualties reported, including 60 who died when a missile destroyed a 14-story apartment building in Tehran, 29 of whom were children.