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Israel Targets Iranian Oil Facilities, Escalates Regional Tensions

Financial Times Companies •
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Israel launched overnight strikes on Iranian oil storage facilities, causing large explosions and prompting Tehran to deny fuel shortages. The attacks mark a significant escalation in the conflict, with Iran retaliating by targeting infrastructure in Bahrain and Kuwait. Saudi Arabia has reduced oil production despite surplus storage, according to satellite data, while shipping through the Strait of Hormuz remains sparse. UK officials defended their decision not to join initial strikes, rejecting criticism from U.S. President Donald Trump, who accused Prime Minister Keir Starmer of avoiding action. Iran’s president stated the country has “no choice” but to strike nations hosting U.S.-Israeli forces, while Israel threatened further attacks on Iranian leadership selection processes.