Oil Price Rises Above $75/bbl as Israel-Iran Conflict Intensifies

Crude oil prices edged higher early Monday as tensions escalated between Israel and Iran, with both countries targeting each other's key energy infrastructure.

- Rituraj Baruah

NEW DELHI:

Over the weekend, Israel launched airstrikes on several oil and gas fields in Iran, including South Pars, one of the world's largest natural gas reserves. Despite the intensity of the attacks, reports indicated that there has been no immediate disruption to energy supplies.

Meanwhile, Iranian missile strikes on northern Israel reportedly caused localized damage to pipelines and transmission lines in the Bazan oil refinery complex near Haifa. While refining operations continue, other functions at the facility have been suspended, according to reports.