Iran attacks Gulf oil facilities, raising global energy prices

Iran has carried out strikes on oil and gas facilities in the Persian Gulf region. These attacks have targeted key energy hubs and shipping, with Iran warning of more strikes to come.

Oil prices have risen sharply, reaching $112 a barrel, due to the disruption. The United States is considering a policy shift, potentially lifting sanctions to allow 140 million barrels of Iranian oil onto the market in an attempt to cool prices. Some shipping, like that from China's COSCO, is resuming cautiously.

The conflict is straining Gulf economies that rely on energy exports and is reshaping global oil flows, creating risks and opportunities for other regions like North Africa.