Key facts
- Iran has threatened retaliation against any new U.S. attacks on its assets.
- Iran warned that energy infrastructure across the Gulf, including U.S. oil and gas interests, is vulnerable.
- Regional tensions were heightened by Israeli strikes in southern Lebanon that killed at least 12 people.
- A senior Iranian security official announced plans for a new restricted zone and shipping corridor in the Gulf.
- Brent crude prices have risen approximately 22% since February 28.
- The Strait of Hormuz remains largely closed to commercial traffic.
Iran has issued a stern warning of retaliation against the United States, stating that energy infrastructure across the Gulf is vulnerable to attack following recent exchanges of strikes. The threat comes amid heightened regional tensions, exacerbated by Israeli airstrikes in southern Lebanon that resulted in at least 12 fatalities.
Iranian Parliament Speaker Mohammad Baqer Qalibaf declared, "Strike our assets and you get struck," referencing weekend clashes between U.S. and Iranian forces that pushed oil prices to near six-week highs. This escalation underscores the precarious situation in the Gulf, with no diplomatic breakthrough in sight after more than six months of conflict, impacting normal energy flows.
Since the conflict began on February 28, Iran has intensified restrictions on shipping through the critical Strait of Hormuz. Senior Iranian security official Mohsen Rezaei indicated that Tehran plans to announce a new restricted zone in the Gulf and a new shipping corridor through the strait. This zone is expected to extend from the U.S. naval blockade into parts of the Gulf.
The ongoing conflict has led to a significant increase in oil prices, with Brent crude rising approximately 22 percent from $72 to $88 a barrel since the war's inception. While the Strait of Hormuz remains largely closed to commercial traffic, Iran and Oman have agreed on a temporary maritime route. However, Iran insists the strait will not fully reopen until the U.S. fulfills commitments under a lapsed interim peace deal, leaving security arrangements unresolved.
This prolonged disruption is supporting higher energy prices and creating windfalls for producers. However, it also places energy companies' regional assets and future projects at greater risk. Rahul Choudhary, Vice President of Upstream Research at Rystad Energy, noted that U.S. energy firms' share of gas supplies from the region is expected to fall by around 40 percent this year, with oil supplies dropping by 30-35 percent.
While higher commodity prices have offset immediate financial impacts, extended disruption could delay major projects and hinder future growth plans for U.S. oil and gas companies operating in the region. Companies like Chevron, with limited exposure to Gulf supply disruptions, have reported strong profits. In contrast, ExxonMobil has been more affected, with its upstream earnings dropping by approximately $1.3 billion in the first half of 2026 compared to the previous year due to reduced volumes from the Middle East, though higher commodity prices helped cover this shortfall.