US, Israel weigh strikes on Iran energy
Analysis based on 26 articles · First reported Jul 31, 2026 · Last updated Aug 01, 2026
The threat of strikes on Iranian energy infrastructure has already driven oil prices higher, with Brent crude up nearly 25% in July. If strikes occur, oil prices could spike further, impacting global energy markets and shipping, while uncertainty may weigh on broader market sentiment.
The United States and Israel are reportedly preparing a joint bombing campaign against Iranian energy infrastructure, including oil refineries and power plants, possibly as soon as this weekend. President Donald Trump has threatened to hit Iran 'very hard' to force Tehran to accept ceasefire terms, but has not yet issued final authorization. The reports, from Paramount Global — CBS News, The Wall Street Journal, and Axios, indicate that the US and Israel are coordinating, with Israel potentially rejoining active combat after a pause. Iranian officials, including Mohammad Bagher Zolghadr of the Iran — Supreme National Security Council, have warned of retaliation against critical US and Israeli facilities and further closure of maritime chokepoints like the Strait of Hormuz and Bab-el-Mandeb. The conflict, which began in late February, has already caused Brent crude to surge nearly 25% in July to $90 a barrel. The potential strikes come amid a collapsed memorandum of understanding and ongoing diplomatic efforts.
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