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Iran vs. Israel: What the Latest Bombings Mean for Global Energy Markets

Daniel Kim Views  

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 Abbas Aragchi Iranian Foreign Minister X capture
 Abbas Aragchi Iranian Foreign Minister X capture

Fighting in the Middle East has spread to nuclear and oil facilities, further escalating market uncertainty.

On April 4, Abbas Araghchi, Iran’s foreign minister, posted a photo of the Bushehr nuclear power plant on X (formerly Twitter), saying, “Israel and the United States bombed our Bushehr nuclear power plant four times.”

He warned that radioactive fallout “would cause casualties not in Tehran but in the capitals of GCC (Gulf Cooperation Council) states,” and accused strikes on petrochemical facilities of having specific, strategic objectives.

That same day, outlets including Iran’s Tasnim News and Israeli media reported that U.S. and Israeli forces carried out simultaneous airstrikes against an Iranian petrochemical complex and the Bushehr plant.

Reports said shells struck the plant’s outer fence; the blast and flying shrapnel killed one employee and damaged part of a building. Authorities added that the plant’s primary systems were not damaged in the attack.

Meanwhile, Dubai crude traded at $117.25 per barrel (approximately 156,333 KRW) on April 2 (local time), up 11.53% — roughly $12.13 (approximately 16,173 KRW) — from the previous day.

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Daniel Kim
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