AhlulBayt News Agency: Israel could face up to $3 billion in losses from Iran’s recent attack on the country’s largest oil refinery, according to initial estimates by insurance experts and economists.
A Sunday report from the Fars news agency said the refinery, located in Haifa, suffered between $1.5 and $2 billion in physical infrastructure damage following the June 17 strike.
The report added that the refinery, which previously processed 197,000 barrels per day, is expected to lose an additional $450 million in monthly revenues until its projected restart in October.
Israel is now expected to increase fuel imports to compensate, as its Ashdod refinery is also under repair. Rising import costs will likely intensify economic strain following the war with Iran.
The refinery shutdown has reportedly driven up fuel prices in the occupied territories, increasing transportation and manufacturing costs.
The shortage has also led to more frequent power outages in Israeli-controlled areas, fueling public frustration.
Iran’s strike followed Israeli attacks on Iranian infrastructure, including a gas facility in southern Iran and two fuel depots in Tehran.
Despite government efforts to obscure the damage, reports say Tel Aviv and Haifa saw extensive destruction due to the Iranian retaliatory attacks.
Iran ended its operations on June 24, following a ceasefire reportedly brokered by the United States after 12 days of hostilities.
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