Israel announced that it conducted 'precise attacks' on Iran's military targets, so petroleum is being closely watched.

On Friday, the Israeli military announced the start of attacks on Iranian targets, causing fluctuation in crude oil prices and escalating concerns of a full-scale war in the Middle East, amidst the current intensifying conflict.

Israel's actions followed Iran's firing of about 200 missiles towards Iran led by Prime Minister Benjamin Netanyahu in retaliation for the killing of Hezbollah leader Hassan Nasrallah at the beginning of October.

"The Israeli Defense Forces are conducting precise attacks on Iran's military targets in response to months of ongoing attacks from Iran's regime against the State of Israel," stated the Israeli military on X (formerly Twitter).

The military added, "Since October 7th, the Iranian regime and its regional proxies have been persistently attacking Israel on seven fronts, including direct attacks from within Iran."

After Iran's missile launch at the beginning of the month, rumors spread that Israel would launch direct attacks on Iran's petroleum assets.

However, according to The Washington Post, Netanyahu, the Prime Minister of Israel, expressed the intention to carry out military attacks, not on Iran's petroleum or nuclear facilities, but towards the Biden administration, ten days ago.