Iran on June 15

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By Michael Kern - Jun 15, 2025, 8:40 AM CDT
Israel launched a series of airstrikes on Iran's critical energy infrastructure, targeting major fuel depots and oil refineries in Tehran.
The attacks have significantly escalated the conflict between Israel and Iran, leading to global oil price surges and increased regional tensions.
The US has warned Iran against attacking American interests, while Russia has offered to mediate, as civilians in Tehran express fear and uncertainty over the escalating situation.

Israel launched a series of airstrikes on Tehran’s critical energy infrastructure early Sunday, setting ablaze the city’s main gas depot and a major oil refinery, as the conflict with Iran intensified into its most destructive phase yet. The attacks, part of a broader Israeli offensive targeting Iran’s energy sector, have heightened fears of a wider regional war and sent ripples through global oil markets.

Iran’s oil ministry confirmed that the Shahran fuel depot, located in an affluent neighborhood of northern Tehran, was struck, igniting a massive fire that consumed at least 11 storage tanks. Witnesses described a series of explosions that shook the city, with flames visible for miles and smoke engulfing the skyline. “The fire is terrifying; it’s massive,” said Mostafa Shams, a resident near the depot. “It’s the gasoline depots exploding one after another.”

In southern Tehran, the Shahr Rey oil refinery, one of Iran’s largest, was also hit, according to state media. Emergency crews struggled to contain the blaze, which residents said illuminated the surrounding mountains. The strikes on these facilities, vital for Iran’s domestic energy needs and export revenue, mark a significant escalation in Israel’s campaign, which began Friday with attacks on Iranian nuclear sites and military targets.

Israel’s military said its air force targeted “military assets” in Iran, but Iranian officials accused Israel of deliberately hitting civilian infrastructure. The Shahran depot, with a capacity to hold three days’ worth of Tehran’s fuel needs, supplies about 8 million liters of gasoline daily, an oil ministry official said. The attacks have raised concerns about potential fuel shortages in the capital, with residents like Shirin, who declined to give her last name for safety reasons, expressing anger at both Israel and Iran’s government for failing to protect civilians.

The energy strikes follow Israel’s Saturday attack on a section of Iran’s South Pars Gas Field, one of the world’s largest natural gas reserves. “We have entered the second phase of the war, which is extremely dangerous and destructive,” said Abdollah Babakhani, an Iran energy expert based in Germany.

See maps and read more here: https://oilprice.com/Energy/Energy-General/Irans-Oil-and-Gas-Assets-Rocked-in-Latest-Round-of-Israeli-Attacks.html

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As tensions escalate between Israel and Iran, oils futures are reacting. Israel’s latest air-strikes on Iranian targets sent Brent crude soaring 13% intraday and still closing 7% higher at $74.23/bbl. Futures traders fear any tit-for-tat escalation could squeeze the roughly 1.6 million barrels a day Iran still moves onto world markets, much of it through a “dark fleet.”

There’s another threat: that Iran will close the Strait of Hormuz. In fact, prediction markets give this a 25% chance of happening sometime this year. And for countries quietly reliant on Iranian crude, the impact could be devastating. Here’s a closer look at the nations most exposed to Tehran’s energy exports.

https://www.msn.com/en-us/money/markets/7-countries-most-reliant-on-iranian-oil/ss-AA1GKoBd#image=1