Oil and gas prices surge as Iran escalates strikes on Gulf refineries

Iran conducted retaliatory strikes on energy sites across several Gulf countries on Wednesday and Thursday, targeting refineries and other oil and gas infrastructure in response to Israel's attack on a major Iranian gas field. The escalating military exchanges between Iran and Israel are disrupting critical energy supplies in one of the world's most important oil-producing regions, driving up prices for crude and refined petroleum products globally. The strikes threaten to widen a conflict that has already destabilized Middle Eastern energy markets and could exacerbate inflation concerns in economies dependent on stable fuel costs. Iran's targeting of energy infrastructure represents a significant escalation beyond previous tit-for-tat exchanges, signaling a willingness to attack economic targets rather than solely military or security installations.