Iraqi expert: Mideast conflict could spike oil past $100
Shafaq News/ Escalating military tensions between Iran and Israel risk serious disruptions to the global oil and gas market, according to energy expert and former Iraqi Ministry of Oil spokesperson Asim Jihad.
In an interview with Shafaq News, Jihad highlighted that roughly one-third of the world’s oil production — about 20 million barrels of crude oil, condensates, and fuel — passes daily through the Strait of Hormuz, noting that any closure of this strategic waterway by Iran could drive oil prices above $100 per barrel.
Jihad also pointed to Israel’s recent strike on Iran’s South Pars gas field, which temporarily halted one production unit and cut gas output by 12 million cubic meters per day.
This attack adds to a series of Israeli operations targeting Iranian oil facilities, including the Abadan refinery with a capacity of 400,000 barrels per day and storage for 10 million barrels; the Bandar Abbas refinery, which processes 320,000 barrels daily and stores 8.5 million barrels; and the Isfahan refinery, a major hub handling over 370,000 barrels daily.
He warned that Iran could retaliate by targeting key Israeli energy sites, such as the Haifa and Ashdod refineries, as well as offshore gas platforms like Tamar, Leviathan, and Karish. Such moves, he stressed, would further ‘’unsettle energy markets and cause significant economic harm to Israel.’’
Tensions escalated sharply after June 13, when Israel launched a surprise missile strike inside Iranian territory. Iran responded the same night with heavy missile barrages, continuing over four consecutive days against military sites and infrastructure within Israel.
