Global energy executives met in Kuala Lumpur on Monday amid rising tensions between Israel and Iran that have raised concerns about possible disruptions to energy supply.
The conflict escalated last week after Israel launched strikes on Iran, including one on a nuclear facility and another on the South Pars gas field, marking the first direct hit on Iran’s oil and gas sector and causing partial shutdowns.
Saudi Aramco CEO Amin Nasser, speaking by videolink, said ongoing conflicts highlight the continued importance of oil and gas. He noted that energy security remains a major concern around the world, though he did not directly mention the Israel-Iran conflict.
Japanese energy company Inpex said the strike on South Pars was unexpected, given the field’s importance. CEO Takayuki Ueda said he hoped the situation would not escalate further.
He added that the company’s operations in the United Arab Emirates remain stable.
Oil prices rose sharply on Friday but fell back on Monday, after early gains during the session. OPEC Secretary General Haitham Al Ghais spoke at the event but did not address questions about the conflict’s effect on oil markets.
Baker Hughes said it continues to operate in the region. CEO Lorenzo Simonelli said it is still too early to assess the full impact on supply but confirmed that staff in the region are safe.
He added that the company is closely watching the situation and hopes for a de-escalation.
