The country’s exports mostly come from Kharg Island in the Persian Gulf. But Israel’s energy facilities are also at risk.

Oil surged, stocks fell and investors sought safety in the U.S. dollar and government bonds after Israel struck Iranian nuclear and military targets in an attack that raised the risk of all-out war between them.

For one thing, early reports indicate the air strikes did not hit Iran’s petroleum facilities, which means the Islamic Republic should be able to keep producing crude oil at the same rate as before. Due to international sanctions, Iran relies heavily on China. It’s been estimated that China imported 89% of Iranian oil in February 2024.

Israel’s stunning attacks on Iran’s nuclear program and military leadership are embroiling the Middle East in another deadly war — and could imperil President Donald Trump’s pledge to slash oil prices for American consumers.