Israeli strikes on Iranian energy infrastructure have heightened fears the conflict will severely disrupt Iran’s oil production, driving up petrol prices in Australia and threatening a spike in inflation.

An oil storage facility in Tehran burns after it was hit by Israeli airstrikes. Credit: Arash Khamooshi/The New York Times

Iranian state media reported on Sunday that Israel had targeted one of the country’s largest oil refineries, Shahr Rey, and also the separate Shahran fuel depot in the capital, Tehran.

The attacks heighten the risk to oil infrastructure in Iran, a leading global producer and OPEC’s third-largest member.

US crude prices surged as much as 14 per cent on Friday, before settling near $US73 a barrel when markets closed.

If sustained, the rise in oil prices so far this month threatens to drive up Australian fuel prices at the pump by 12¢ a litre, said AMP economists.

Saul Kavonic, an energy analyst at MST Marquee, said the strikes had “only impacted domestic oil infrastructure in Iran so far, so are unlikely to impact global supply”.

“But the fact energy infrastructure has already been targeted by both sides will have the market on edge and keep oil prices elevated,” Kavonic said.

The price Australians pay at the bowser is largely driven by the crude oil price in US dollars, and the exchange rate between Australian and US dollars.

Economist Saul Eslake said tgat hf Israel inflicted serious damage on Iran’s oil-producing facilities, “then the supply of oil could be significantly curtailed, and therefore the price could go up a lot”.

This could lead to an increase in the price of petrol for Australians “quite quickly”.

“Big movements in that can appear in what motorists pay at Australian petrol pumps within a couple of weeks,” Eslake said.

The U.S. “had nothing to do with the attack on Iran” last night, Trump said in a post on his Truth Social platform.

“If we are attacked in any way, shape or form by Iran, the full strength and might of the U.S. Armed Forces will come down on you at levels never seen before,” he said.

“However, we can easily get a deal done between Iran and Israel, and end this bloody conflict!!!” the president added.

Earlier, Trump said in another post that he had spent about an hour on the phone with Russian President Vladimir Putin. “He feels, as do I, this war in Israel-Iran should end, to which I explained, his war should also end,” Trump said, referring to Russia’s war against Ukraine.

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Last Updated: June 15, 2025, 15:13 IST

A photo released by Iran’s Revolutionary Guard Corps (IRGC) official Sepah News Telegram channel on June 13 shows smoke billowing from a site reportedly targeted by an Israeli strike in Tehran early on Friday. (AFP)

Israel-Iran Conflict Live Updates: Israel and Iran exchanged a fresh wave of missile attacks overnight into Sunday, escalating tensions and raising fears of a wider regional conflict.

Iran launched missiles at targets across Israel, including the port city of Haifa, after Israeli forces bombed civilian and energy infrastructure across Iran.

Early Sunday, Israel’s military announced it had struck the Iranian defence ministry headquarters in Tehran. It also claimed to have hit several locations around the capital that it described as being “related to the Iranian regime’s nuclear weapons project.”

These sites, according to Israel’s military, were connected to Iran’s nuclear ambitions, though both US intelligence agencies and the International Atomic Energy Agency have stated that Iran was not developing a nuclear weapon prior to Israel’s attack.

This escalation comes after Israeli armed forces launched an unprecedented attack on Iran and conducted multiple overnight airstrikes, targeting Iran’s nuclear and military sites under ‘Operation Rising Lion’. Iranian media has said that Israeli attacks have killed at least 80 people and wounded 800 others over the past two days.

Justifying the strikes, Israel has said that it had intel indicating that Iran’s nuclear programme had almost reached the ‘point of no return’. Russian President Vladimir Putin denounced the recent Israeli airstrikes on Iran, echoing his prior criticism of attacks on Iranian nuclear facilities.

Following the airstrikes, the US-Iran nuclear talks scheduled for Sunday in Oman were called off.

Israel-Iran War Live Updates: Iranian missiles cause severe destruction in Israel

By CNBCTV18.COM | Jun 15, 2025 4:06 PM IST (Updated)

As the Israel-Iran conflict continues to escalate, with Israeli military claiming its attack on Iran eliminated high-value targets, including nine senior scientists, and severely damaged Iran’s nuclear infrastructure. Iranian authorities confirmed damage to four critical buildings at the Isfahan uranium conversion facility. Catch all the live updates here.

Israel Iran War LIVE Updates: The long-simmering tensions between Israel and Iran have erupted into open conflict, with both countries launching direct attacks over the weekend in a dramatic escalation that has drawn global concern and halted nuclear negotiations.

It began early Friday, June 13, when Israel carried out surprise airstrikes targeting Iran’s nuclear infrastructure, including key facilities in Natanz and Isfahan. The strikes, which Israeli officials described as the start of a campaign to dismantle Iran’s nuclear programme, reportedly killed top Iranian military leaders and scientists. Among the dead were Gen. Hossein Salami, head of the Islamic Revolutionary Guard Corps, and Gen. Mohammad Bagheri, Iran’s chief of staff.

In response, Iran launched a barrage of missiles at Israel late Saturday, June 14, striking the Galilee region and killing four civilians in an apartment building. Explosions echoed across Israeli cities as air raid sirens blared. Israel’s Defence Minister declared, “Tehran is burning,” as Israel hit back with further strikes — this time targeting Iran’s Defence Ministry headquarters and facilities allegedly linked to its ballistic missile and energy programmes.

The Israeli military claims its campaign has eliminated high-value targets, including nine senior scientists, and severely damaged Iran’s nuclear infrastructure. Iranian authorities confirmed damage to four critical buildings at the Isfahan uranium conversion facility, though they denied any off-site radiation leaks.

International leaders are calling for restraint, warning that the region teeters on the brink of a broader war. France blamed Iran for escalating tensions, while Pakistan condemned the Israeli attacks. The UN nuclear watchdog said it’s assessing the full extent of damage to Iran’s nuclear facilities.

Here are the latest updates:

Iran-Israel Conflict Live Updates: Tensions in the Middle East surged on Sunday as Iran launched a fresh wave of missiles at Israel, claiming to have targeted fighter jet fuel production facilities and key energy supply centers. At least three people were initially reported killed in the strikes, though local media later raised the toll to five, all members of the Khatib family in the northern city of Tamra, near Haifa. The predominantly Palestinian city was among the hardest hit in the latest barrage.

In retaliation, Israeli forces struck multiple Iranian targets throughout the day, including vital energy infrastructure in Tehran. A massive blaze was reported at an oil storage facility, marking one of the most direct Israeli attacks on Iranian soil in years. Prime Minister Benjamin Netanyahu responded with stern warnings, vowing to “hit every site and every target” tied to the Iranian regime.

What did the US say? Amid the escalating violence, US President Donald Trump said he and Russian President Vladimir Putin are in agreement that the hostilities must end immediately. Despite this rare moment of consensus between Washington and Moscow, diplomatic efforts have suffered a setback. A crucial round of nuclear negotiations between the US and Iran, previously scheduled for Sunday in Oman, has been officially canceled.

Trump on Friday said that he has worked hard to prevent bloodshed. “We knew everything, and I tried to save Iran from humiliation and death. I tried to save them very hard because I would have loved to have seen a deal worked out,” he said.

Trump has consistently maintained that Iran must never acquire a nuclear weapon. Still, he had pursued months of indirect talks with Tehran, at one point appearing to tolerate limited uranium enrichment under strict conditions.

Why did Israel attack Iran? The attack came after tensions between Iran and the international community escalated sharply after Tehran announced the activation of a third nuclear enrichment facility. The announcement came just hours after the International Atomic Energy Agency (IAEA) issued its first formal censure against Iran in two decades, criticising its failure to meet nuclear non-proliferation commitments.

Prime Minister Benjamin Netanyahu stated the attack was on “the heart of Iran’s ballistic missiles program.” He asserted strikes would continue “for as long as it takes to remove this threat.” IDF Chief of Staff Lt. Gen. Eyal Zamir emphasised the urgency of the operation, saying, “We had reached the point of no return. Freedom is granted to those willing to fight for it.”

Israel Iran Conflict Live Updates: Stay up to date with all the latest updates and breaking news from the region as middle east heads into a dangerous nuclear warfare.

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