Iran continues to attack Gulf energy facilities, oil prices are likely to further rise.

Iran continues to launch attacks on several targets in Gulf Arab states overnight until Friday (April 3). Just hours ago, U.S. President Trump issued new threats to strike Iranian infrastructure to pressure Iran to engage in peace talks. Abu Dhabi has suspended the operation of its largest natural gas processing facility. The facility caught fire after intercepting missile fragments, marking the second shutdown of the Habshan facility since the war began. There are no reports of casualties. Just hours ago, a drone attack also caused a fire at the Kuwaiti Mina Al Ahmadi refinery, which has a daily processing capacity of 346,000 barrels. There are no reports of casualties, and firefighting teams are working to contain the fire. Authorities also said that an electricity and desalination plant was attacked earlier on Friday, causing damage to some equipment. Saudi Arabia said it had intercepted multiple drones early in the morning. On Thursday, Trump released a video showing a destroyed bridge and warned that if Iran does not agree to a deal to end the conflict, "there will be more follow-up actions." The conflict, which has been going on for nearly five weeks, has triggered a global energy crisis. Iran remains adamant. Foreign Minister Abbas Araqchi stated that attacks on civilian facilities "will not force the Iranian people to surrender." The country is almost unwilling to accept Trump's peace demands and has proposed its own conditions, most of which are unacceptable to the U.S. and Israel. Despite launching over 12,000 strikes on Iran since the end of February, the U.S. and its allies have destroyed approximately half of Iran's missile launchers, and the country still has thousands of single-use attack drones in its arsenal. Three sources familiar with the matter said that this assessment may also include launchers that are intact but currently inaccessible. Trump hinted this week that he may be willing to withdraw U.S. troops from the conflict in two to three weeks, even if the Strait of Hormuz remains effectively closed. U.S. allies in Europe, the Middle East, and Asia are working intensively to ensure the prompt reopening of the waterway, which carries one-fifth of the world's oil and liquefied natural gas supply during normal times. Over forty allied nations held an online meeting on Thursday to discuss plans and express concerns about the crisis caused by the closure of the Strait of Hormuz. Energy and other commodity prices have skyrocketed in the past month. Countries at the meeting made it clear that any ceasefire talks with Iran must include a solution for the Strait of Hormuz. However, the meeting also signaled that these countries are preparing for the possibility of reopening the Strait without U.S. involvement. France, the UK, and others indicated that military options are unlikely to be effective and that a ceasefire is necessary. The Strait of Hormuz remains almost completely closed. There are reports of Iran tightening control on Thursday, with media reports suggesting that the government is drafting an agreement with Oman to monitor maritime traffic. Iran's deputy foreign minister said that this would require shipping companies to pay passage fees to Iran. Oman, located across the strait, has not commented on these reports. The strait is located in international waters, and any attempts by Iran to control passage would be met with strong opposition from Western powers and Gulf Arab countries. A small number of ships are still managing to pass through the strait. It is worth noting that a container ship reportedly owned by France recently passed through the strait, marking the first recording of a Western European-related vessel passing through since the war began. The United Nations Security Council is expected to vote on a resolution supporting the reopening of the Strait of Hormuz on Friday (April 3). According to the UAE, Bahrain, supported by Jordan and other Gulf Arab states, is proposing the resolution draft. The UAE posted on X Platform that the resolution would provide precise legal grounds for all nations to mobilize and support safe passage. In the oil market, WTI crude oil settlement prices on Thursday rose above $110 per barrel for the first time since 2022. Global fuel prices continue to rise, with European diesel prices surpassing $200 per barrel. The oil market will be closed on Friday due to the Easter holiday. Trump's position is wavering between successful diplomatic efforts and threats of further damage, including against civilian and energy infrastructure. Earlier this week, he threatened to target Iran's energy facilities and desalination plants if the strait remained closed, actions that could constitute war crimes under the Geneva Conventions. He previously stated that Iran must reopen the Strait of Hormuz by April 6, or its power plants would be destroyed. It is currently unclear if this deadline is still in effect. Trump is facing increasing pressure from domestic demands to alleviate the energy impact. The average retail gasoline price in the U.S. has risen to over $4 per gallon, the highest level in nearly four years. Trump insists that once the war ends, oil prices will quickly drop. He stated that the conflict is necessary to prevent Iran from obtaining nuclear weapons and destroy its missile arsenal, intentions which Iran has denied. On Thursday, Defense Secretary Pete Heggseth asked Army Chief of Staff General Randy George to resign immediately. The Pentagon did not provide a reason for this. With the midterm elections approaching in November, the prolonged conflict poses political risks for Trump and the Republican Party. Polls show that a significant portion of the American public does not support military action against Iran, and more people are concerned about the economic impact of the war. According to government agencies and the U.S.-based news organization Human Rights Activists News Agency, the conflict has resulted in over 5,000 deaths so far, with nearly three-quarters being Iranians. In Lebanon, Israel is engaged in another parallel war with Iran-aligned Hezbollah, with over 1,300 deaths reported.