On February 28, the United States and Israel launched a coordinated military campaign against Iran, marking a dramatic escalation in Middle Eastern geopolitics with repercussions that extend far beyond the region. The military operation targeted hundreds of sites across Iranian territory, including military and nuclear facilities, and reportedly eliminated top Iranian leaders. Tehran immediately retaliated with missile strikes against Israeli and US military bases in neighboring Gulf states, underscoring the risk of a broader conflagration.
The article posted on Earth.org portal noted that while US officials publicly framed the operation as an effort to neutralize perceived nuclear threats and curb Iranian regional influence, underlying strategic imperatives tied to global energy markets and great-power competition cannot be ignored.
Iran remains a significant hydrocarbon producer. Despite decades of sanctions that have restrained output, Iran holds some of the world’s largest deposits of proved oil and natural gas reserves, estimated at about 209 billion barrels at the end of 2024, representing roughly 12% of global reserves and 24% of those in the Middle East. In January, the country produced 3.4 million barrels of crude oil per day – about 3% of global oil supply.
Much of Iran’s oil flows through the Strait of Hormuz, connecting the Persian Gulf to the Arabian Sea. This critical checkpoint carries 30% of global seaborne crude oil and gives Iran significant influence over global energy flows. In 2024, oil flow through the strait averaged 20 million barrels per day, resulting in nearly US$500 billion in annual energy trade.
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