Oil rises
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Critical energy infrastructure in Israel and Iran has not escaped unscathed from the first few days of the countries' escalated conflict. Worst-case scenarios have yet to be realized, but the war is already having a notable impact on energy production and exports in both countries.
Israeli energy company Bazan said its Haifa oil refinery suffered pipeline and transmission line damage during Iran’s overnight missile barrage. Refining core facilities continue to operate at the site,
As Israel and Iran exchanged more attacks, stock markets mostly rose even as worries remained about possible oil supply interruptions.
Iran’s state TV just announced that the country has started the second wave of its True Promise Operation Three on Israel tonight. The state TV said that this time the attack is a combination of drones and "more than 100" missiles, with Haifa and Tel Aviv being the main target tonight.
Israel and Iran trade strikes for a third day and threaten more to come. Over 230 are reported dead.
Israel and Iran traded more missile attacks despite calls for a halt to the fighting, with neither country backing down as their conflict raged for a third day.
Israel has targeted Iranian energy infrastructure, including the world’s largest gas field, South Pars, which Iran shares with Qatar. CNN’s Becky Anderson speaks with analyst Firas Maksad about how this escalation poses a significant threat to global energy security.
On Friday, the head of the International Atomic Energy Agency, Rafael Grossi, told the UN Security Council that "the above-ground part of the pilot fuel enrichment plant, where Iran was producing uranium enriched up to 60% U-235, has been destroyed".
Israel’s attack on Iranian nuclear and military sites on Friday, and the resulting oil-price surge and airline-stock slump, could pose even more obstacles for consumers navigating an already unusual summer travel season.