Israel has dealt a punishing blow to Iran’s economy, launching a mᴀssive wave of airstrikes that has set dozens of oil depots on fire across the country, turning critical energy infrastructure into smoking ruins, defence and industry sources say.

Just before dawn, waves of F‑35 and F‑15 jets roared over key Iranian ports and refinery complexes, releasing precision‑guided munitions on storage tanks, pumping stations and export terminals. Satellite imagery reviewed by analysts shows huge plumes of black smoke rising from facilities near the Gulf coast and along major pipeline routes in the southwest.

The IDF says the strikes targeted “financial arteries of the Iranian war machine,” arguing that oil revenues are directly funding missile and drone programmes aimed at Israel and its allies. Initial reports from Tehran admit “serious damage” to multiple sites but insist exports will continue, even as firefighters struggle to contain infernos fed by millions of barrels of crude.

Global markets reacted instantly, with oil prices surging and insurers hiking war‑risk premiums for tankers operating near Iran. European and Asian importers are scrambling for alternative supplies as fears grow of a prolonged disruption.

Iran’s Revolutionary Guard has vowed “crushing retaliation” against Israeli energy sites and shipping, warning that the entire region’s oil flow is now at risk. As flames still rage at hit depots, one question hangs over world capitals: has Israel’s move crippled Iran’s war chest—or opened the door to an energy war that will punish every economy on earth?