Tensions Rise as Iran's Key Oil Terminal Under Threat

Iran's Oil Minister Mohsen Paknejad visited Kharg Island amid concerns over potential Israeli retaliation on Iran's largest oil terminal. Following a missile attack by Tehran, Israeli officials hinted that Iran's oil facilities might be targeted. China remains a major buyer of Iranian oil despite U.S. sanctions.

Iran's Oil Minister Mohsen Paknejad made a significant visit to Kharg Island on Sunday, as reported by the oil ministry's news website Shana. The visit comes amidst growing concerns over potential Israeli military actions targeting Iran's largest oil terminal situated there.

An Israeli military representative previously stated that Israel is poised to retaliate at an opportune moment following last week's missile strike by Tehran. This has led to speculations that Iran's oil facilities could be potential targets, a sentiment echoed by Israeli officials in a report by Axios. In light of these developments, U.S. President Joe Biden mentioned on Friday that a definitive Israeli response had not yet been determined.

According to Shana, Paknejad's visit involved assessing the oil facilities and engaging with operational staff on Kharg Island, which boasts a storage capacity of 23 million barrels of crude oil. Notably, China, unperturbed by U.S. sanctions, remains a key importer of Iran's oil, having imported between 1.2 to 1.4 million barrels per day in the first half of 2024, according to analysts.

(With inputs from agencies.)