Tasnim Agency: Iranian Revolutionary Guard carried out attacks on Israel with Hezbollah

The Iranian Revolutionary Guards have confirmed collaboration with Lebanon’s Hezbollah to conduct recent attacks on Israel, as reported by Iran’s Tasnim News Agency. These strikes, part of escalating regional tensions, have intensified disruptions to global energy markets and supply chains. Oil prices surged above $100 per barrel amid attacks on oil tankers and infrastructure in the Persian Gulf, including strikes on two foreign tankers in Iraqi waters and a fuel depot in Bahrain. The International Energy Agency (IEA) responded by authorizing the largest-ever release of emergency oil reserves—400 million barrels to stabilize markets.

The conflict has triggered widespread economic measures across Asia, where energy-dependent economies are implementing austerity policies. India redirected liquefied petroleum gas to households, Bangladesh restricted fuel supplies, and South Korea imposed a fuel price cap. Pakistan and Thailand mandated remote work and energy-saving protocols, while Vietnam encouraged companies to adopt flexible work arrangements.

The U.S. and its allies face mounting challenges in securing energy supplies, with six vessels attacked near the Strait of Hormuz in two days. Iraqi oil ports have suspended operations following Iranian strikes, compounding regional instability. Analysts warn that prolonged disruptions could drive food and fertilizer prices higher, disproportionately affecting vulnerable economies.

Meanwhile, geopolitical calculations are shifting. The U.S. granted India a 30-day waiver to import Russian oil, easing sanctions pressure amid Trump’s push to stabilize energy markets. However, the conflict’s expansion—marked by strikes on civilian and military targets—risks further destabilizing global trade and investment flows. Financial markets remain volatile as stakeholders monitor the war’s trajectory and its cascading economic impacts.