Deadly strikes have escalated once again in the Middle East, bringing with them fears of a different kind, expressed by the oil markets: Will Iran still be able to extract its oil at the expected rate and export part of it to its Chinese customers? The question is far from trivial, as the country produced 3.4 million barrels of crude oil per day in April, according to the International Energy Agency (IEA). This makes Iran the third-largest producer among the 12 members of the Organization of the Petroleum Exporting Countries (OPEC), behind Saudi Arabia (nearly 9 million barrels per day) and Iraq (4.2 million). According to the latest available ranking from the Energy Institute, in 2023, the National Iranian Oil Company accounted for nearly 5% of global oil supply.

Accusing Iran of funding the Hamas attacks on October 7, 2023, as well as seeking to acquire nuclear weapons, Israeli Prime Minister Benjamin Netanyahu's government has now expanded its airstrikes to include, among other targets, oil and gas facilities of the Islamic Republic, on Saturday, June 14. "This development shows that Israel wants to target the whole of Iran, not just the nuclear program but also economic infrastructure," said Bernard Hourcade, emeritus research director at the French National Center for Scientific Research (CNRS) and a leading expert on Iranian territory.

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