In August, the US was looking at ways to reduce Iran’s oil exports following Tehran’s pledge to retaliate against Israel for the killing of Hamas leader Ismail Haniyeh. Credit: Veronaa via Getty Images.

Israel is said to be planning a large-scale attack on Iran’s oil infrastructure within the next few days in retaliation for a missile attack on the Jewish state on Tuesday.

According to several news outlets on Wednesday, citing unnamed Israeli officials, an attack on the oil network of Iran, one of the biggest producers within the Organization of the Petroleum Exporting Countries (OPEC), is being seriously considered.

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Other strategic sites such as Iran’s nuclear programme facilities are also being talked about.

Within US political circles, many lawmakers appeared to favour a direct strike on Iran’s oil infrastructure, with one senator saying that Iran’s oil refineries should be “hit hard”, according to a UK-based news outlet.

According to US news reports, Israel’s leader, Benjamin Netanyahu, said that Iran “will pay” for launching more than 200 missiles during the attack.

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He added that when it comes to Tehran, “we will stand by the rule we established: whoever attacks us, we will attack him”.

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The missile attack was retaliation for Israel’s campaign against terrorist group Hezbollah – which is backed by Iran – in Lebanon, and marks a significant escalation of tension in the region.

Iran has also said the attack was in response to the recent killings of Hamas, Hezbollah and Islamic Revolutionary Guard Corps leaders across Gaza and Lebanon over the past few months.

Israel has already confirmed that infantry and armoured units are now operating in southern Lebanon.

On Tuesday, oil prices rose by just under 5% for a time as news of the missile strikes on Israel broke. Prices remain elevated but are gradually falling, with Brent at $75.28 per barrel on Wednesday morning.