The Israel-Iran conflict escalated dramatically during the weekend of June 14–15, with both sides attacking each other’s energy infrastructure, yet oil prices have since receded on the expectation that no major supply disruption will take place. But it is too soon to rule out a Middle East energy supply crunch. The most likely scenario for disruption, should one occur, is an Israeli first strike on Iranian exports that provokes retaliation by Tehran against wider Gulf region energy flows.
During the weekend, Israel expanded the scope of its military offensive against Iran to target certain energy-related assets, including:
- The Shahran…
