In a statement carried by state television on Oct. 1, Iran’s military vowed to attack energy infrastructure in the Middle East if the U.S. or its partners ramp up support of Israel.
In September 2019, drone attacks significantly damaged facilities operated by Saudi Aramco, Saudi Arabia’s state-owned oil company. Tehran, which denied responsibility, is widely believed to have been behind the strikes, which were launched from Yemen by Iran-backed Houthi militants. Moreover, the Houthis, Iranian proxies, have carried out persistent attacks on Red Sea shipping, including oil tankers.
As the war in the Middle East spreads, the possibility of disruption of global energy markets grows. Tensions have driven up oil in recent days, and some predict historically high prices if the Strait of Hormuz is blocked.
Some fear that Israel will soon destroy Iran’s oil ports and other facilities. Gulf states, worried about retaliatory strikes on their energy sites, have been lobbying Washington to persuade Israel not to hit oil targets in Iran.
Asian refiners do not appear to be overly concerned. They “remain confident” that the war will not disrupt flows of oil from the Persian Gulf to their facilities, believing both Israel and Iran “are likely to prefer keeping East Asia........