What happened? Israel has carried out strikes on nuclear sites in Iran as part of ''Operation Rising Lion.'' Israeli Prime Minister Benjamin Netanyahu commented in a statement that the attack was: ''a targeted military operation to roll back the Iranian threat to Israel''s very survival. This operation will continue for as many days as it takes to remove the spread, Brent oil prices have risen 8% on the news reaching $75/bbl. BNPP Exane View: Sanctions had already been biting The US government has been placing more sanctions on Iran in recent months on both vessels, LPG supplies and on Chinese refineries that have been importing Iranian oil. Subsequently, in April Chinese imports of Iranian crude dropped by nearly half and subsequently there has been a build-up of floating Iranian crude volumes in the Yellow Sea. Iran''s oil and gas assets in brief. Whilst we have not seen comments about strike on oil or refining infrastructure, following the news we resurrect our Navigating Iran''s assets and Middle East exposure note. Iran''s oil and gas assets in brief. . World''s sixth largest oil reserves and the tenth largest oil producer . Production remains well below capacity due to ongoing US sanctions . IEA reports that in May Iran exported 1.6mb/d of Crude in May (+100kboed MoM) . There are seven export terminals with a total 5mboe/d export capacity . Iran''s key export terminal Kharg Island with export capacity of up to 4mb/d . The country''s newest export terminal is Jask (1mb/d capacity when fully commissioned) . Despite various export prospects, 95% of all gas produced is consumed domestically, . However with limited major gas processing facilities, Iran flared 1.7bcf/d of gas in 2023. . Iran has nine operating refineries with a total capacity of 1.7mb/d. . Most significant amongst these are Abadan (390kb/d), Isfahan (360kb/d), Persian Gulf Star (350kb/d) and Tehran (250kb/d). What of the Straits of Hormuz - 20% of global oil and ~17% of LNG Far more...