Iran's oil ministry said late Saturday that Israel has struck the Shahran oil depot in western Tehran—one of the capital’s key fuel sites. A second depot in southern Tehran was also hit, it said in a statement.

DUBAI, United Arab Emirates (AP) — Israel launched an expanded assault on Iran on Sunday, with direct strikes targeting its energy industry and Defense Ministry headquarters, while Tehran unleashed a fresh barrage of missiles blamed for the deaths of four people and injuries of many others.

In a short post on X, Katz wrote, "Tehran is burning," a statement that follows Israeli strikes on two oil depots in Iran.

Oil prices surged, stocks dropped and investors flocked to safe havens like gold on Friday after tensions between Israel and Iran escalated, stoking concerns of a broader conflict in the region.

Here are a five worst case scenarios for global oil markets, split between what Israel and Iran may do next in an unpredictable and rapidly escalating conflict.

Analysts say oil prices could surge to more than $100, and perhaps as high as $120, if the conflict grows substantially.

That scenario now appears alarmingly close. On the evening of June 12th, Israel launched dozens of air strikes on Iranian military and nuclear sites. The attack threatens to inflame the Gulf, which pumps a third of the world’s oil. Brent crude, the global benchmark, rose by 8% on June 13th, to $74 a barrel (see chart). How high might it now go?

Salem predicts that this attack may push Iran to make a deal with the U.S, "the outlines of which might be that Iran accepts to forgo enrichment inside Iran, with a big deal with the U.S. and the U.S. lifts sanctions on Iran and that could obviously lead to a sudden and rapid decline in oil prices, so one has to keep that in mind."

US stocks fall on Israel-Iran worries, with Dow down xxx pts. Oil rises on supply worry. Gold hit a record high and US dollar rises on flee to safety.

Oil prices climbed nearly 9% after Israel launched widescale strikes against Iran targeting nuclear facilities and missile factories.

An Iranian lawmaker said closure of the Strait of Hormuz, a critical chokepoint in the global energy trade, was under serious consideration.