The price of oil surged and global stock markets tumbled Monday as attacks on Iranian petroleum facilities escalated into a wider conflict involving the United States and Israel. Reports from Tehran and Karaj indicate significant damage to fuel storage sites, with residents describing scenes of widespread fires.
“It was as if night had turned into day,” one Iranian witness told the BBC, describing the intensity of the strikes. Local news agencies, citing a source within Iran’s Ministry of Petroleum, confirmed that fuel depots in both the capital, Tehran, and Karaj, west of the city, were targeted. Video footage circulating online shows a street ablaze near a Tehran depot, with onlookers reporting fires spreading to nearby homes and businesses.
A resident of Karaj stated, “Karaj was quiet for a day, but now it’s chaos again: it’s been blown to pieces.” Another Karaj resident described an initial red flash followed by a shockwave and a massive red cloud. “We didn’t grasp what was happening,” he said, adding that he observed the local oil depot engulfed in flames from his rooftop. Authorities have not released casualty figures.
The attacks reach amid heightened tensions following threats from former U.S. President Donald Trump regarding the potential “total destruction” of Iran. The BBC is withholding the identities of its Iranian sources for their safety.
Internationally, the conflict is already impacting energy markets. The price of oil has risen above $100 a barrel, according to DW, reflecting fears of disruption to supply. Asian stock markets have experienced significant declines.
French President Emmanuel Macron announced Monday that a multinational mission is being prepared to reopen the Strait of Hormuz, a critical waterway for global oil and gas shipments. Macron, speaking from Cyprus, stated the mission would aim to escort vessels “after the most critical phase of the conflict” in the Middle East has subsided. The French deployment will include eight frigates, two amphibious helicopter carriers, and one aircraft carrier, with Macron seeking to attract participation from other European nations. He did not specify a timeline for the mission’s launch.
CNN reported from a damaged oil depot in Iran, showing the extent of the destruction. Iranian state media confirmed that fuel and oil storage tanks were hit in multiple areas of the capital.
The G7 nations are reportedly considering tapping into strategic petroleum reserves to stabilize the market, according to DW. Israel has also reportedly attacked command centers belonging to Iran’s Security Internal and Basij forces. Iran has launched missile salvos against Israel in response to the attacks.
The situation remains fluid, with ongoing reports of attacks and counterattacks across the region. No official statement has been released regarding potential negotiations or a ceasefire.
