Israel bombs Iranian oil deposits, Netanyahu calls it a 'moment of truth'

The bombings will reduce the world's oil supply as prices have already surged to heir highest levels since 2022

Published: March 8, 2026 3:14am

Israeli Prime Minister Benjamin Netanyahu told Iranians freedom is near as his country turned its bombing campaign toward Iranian oil fields for the first time.

The attacks on Iranian oil deposits comes with oil prices already surging to their highest levels since Russia’s invasion of Ukraine for years ago. The reduction in Iranian oil on world markets combined with the near-complete blockage of maritime traffic heading through the Strait of Hormuz and the resulting production cutbacks by other nations in the region, is likely to send prices still higher.

Netanyahu said bombing Iranian oil reserves would bring Iran closer to the regime change he and President Donald Trump said they desire. 

The moment of truth is drawing near,” Netanyahu said. 

In response to the attack on is oil deposits, Iran launched at least a dozen attacks on Isreal, though no serious injuries were reported. One person was killed by an Iranian drone attack on the Dubai Marina, news reports said.

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