The escalating conflict in Iran is posing a significant risk to energy infrastructure across the Middle East and Persian Gulf, including crucial crude oil transit routes as well as facilities used to refine and produce oil and natural gas. 

Over the weekend, the United States and Israel carried out attacks on Iran, killing Supreme Leader Ali Khamenei. The surprise strikes have threatened millions of barrels of oil in the global markets, as the Strait of Hormuz has been effectively closed off and Iran has retaliated by targeting other energy facilities in the region.