Iran has identified energy infrastructure in Saudi Arabia, the United Arab Emirates, Qatar, and Israel as potential targets for retaliation amid the ongoing conflict. This escalation marks a broadening of the 2026 conflict to critical civilian energy sites across the Gulf region. These designations come in response to recent Israeli military actions against Iranian assets, in a cycle already marked by missile and drone attacks. Markets are reducing the likelihood of a US-Iran deal in 2026, with probabilities declining significantly. The situation now appears more consistent with a protracted conflict than a diplomatic resolution.
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