Tensions between Iran and Israel have escalated following a recent missile attack by Tehran, prompting Israel to threaten retaliation. In a significant move, Iran’s Oil Minister Mohsen Paknejad made a visit to Kharg Island, the location of Iran’s largest oil terminal, on Sunday. This visit has raised concerns about potential Israeli attacks on Iranian oil facilities.
An Israeli military spokesman stated on Saturday that Israel would retaliate “when the time is right,” following the missile attack by Tehran. Earlier, Axios reported that Israeli officials had indicated that Iran’s oil facilities could be targeted in response to the attack. U.S. President Joe Biden commented on Friday that he believed Israel had not yet decided on its response.
The oil ministry’s news website, Shana, reported that Paknejad’s visit was aimed at inspecting the oil facilities and meeting with operational staff stationed on Kharg Island. The terminal on Kharg Island boasts a storage capacity of 23 million barrels of crude oil.
China, a major importer of Iranian oil and one that does not recognize U.S. sanctions, remains Tehran’s primary client. According to analysts, China imported between 1.2 and 1.4 million barrels of oil per day from Iran during the first half of 2024. The potential for disruption to these oil supplies and the implications for global energy markets are significant factors in the escalating tensions between Iran and Israel.
