Israeli Strike On Tehran Oil Depot Sparks Fire, Oil Prices Surge Globally: Reports

Videos captured from the site showed large flames and thick plumes of smoke rising from the Shehran oil depot following the strike. The facility is considered a critical fuel storage site.

The Israeli military confirmed that it had targeted fuel storage and related installations, claiming they were connected to Iran’s military infrastructure.

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A massive fire broke out at the Shehran oil depot on the outskirts of northern Tehran after an Israeli attack late on Saturday night, according to footage circulating online. The Israeli military said it had struck fuel storage and related facilities that it alleged were linked to the Iranian armed forces. The incident marks a significant escalation in the ongoing conflict, raising concerns about potential disruptions to global energy supplies. Analysts warn that continued attacks on energy infrastructure could intensify volatility in oil markets and further drive up fuel prices worldwide.

Terrifying for millions in Tehran as their city burns. Thousand of munitions dropped across the country including on critical infrastructure #IranWar pic.twitter.com/yF1BEVSXcf

— Yalda Hakim (@SkyYaldaHakim) March 8, 2026

Strike Hits Key Fuel Facility

Videos captured from the site showed large flames and thick plumes of smoke rising from the Shehran oil depot following the strike. The facility, located on the northern outskirts of Tehran, is considered a critical fuel storage site.

The Israeli military confirmed that it had targeted fuel storage and related installations, claiming they were connected to Iran’s military infrastructure. The strike is part of the broader escalation in hostilities between Israel and Iran, which has already spread tensions across the wider Middle East.

Attacks on energy facilities are viewed as particularly sensitive because of their potential to disrupt fuel supplies and create ripple effects across global energy markets.

Oil Markets React To Conflict

Global oil prices have surged sharply since the conflict began, reflecting fears of supply disruptions in one of the world’s most important energy regions. Prices have risen by more than 25 per cent since the start of the war, pushing fuel costs higher for consumers worldwide.

In the United States, the national average petrol price reached $3.41 per gallon on Saturday, according to the American Automobile Association, marking an increase of $0.43 over the past week.

Financial institutions have warned that prices could climb even higher if the conflict continues to affect oil shipments and refining operations. Goldman Sachs has cautioned that crude prices could exceed $100 per barrel if shipping disruptions intensify.

US crude oil settled just below $91 per barrel on Friday, marking its largest weekly increase in records dating back to 1983.

Analysts at JP Morgan said the market is now shifting from reacting to geopolitical risks to confronting real operational disruptions. Refinery shutdowns and export constraints, they warned, could begin affecting crude processing and regional supply flows if the conflict continues to escalate.

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