"Further ominous developments today. For the first time, Iran successfully targeted oil and gas production facilities, rather than refining, terminals, and storage," Bloomberg Opinion and commodities columnist Javier Blas wrote on X.

Blas listed the IRGC's attacks on Gulf oil and gas facilities:

Oil and gas field in the UAE (Shah) hit

Oil field in Iraq (Majnoon) attacked

Plus Saudi Arabia saw large drone swarms

He explained that these attacks suggest "Iran has started a new phase of its oil war" against Gulf states aligned with the US.

"Tehran is clearly going after the Strait of Hormuz bypass route, with Fujairah (UAE) coming under attack. But so far, the Saudi pipeline bypass hasn't been attacked, and neither the Yemeni Houthis have tried to close the Red Sea," Blas said.

The continued bombardment of Gulf energy infrastructure by IRGC forces entered its third week, with the Strait of Hormuz mostly paralyzed.