Petroleum industry in Iran

Oil prices rose on Wednesday, extending the previous day's rally, and safe haven gold pushed towards a record high after Iran's missile attack on Israel ramped up fears about an escalation in the Middle East.

The Turkish defense and aviation industry's exports surge 8.6 percent in the January-May period from a year ago to reach $2.21 billion.

The industry's share in the country's overall export revenues was 2.1 percent.

Defense and aviation exports amounted to $876 million in May alone, said Haluk Görgün, the head of the Defense Industries Presidency (SSB).

An Iranian official has accused Israel of orchestrating an attack on gas pipelines in Iran last week, as reported by The Times of Israel citing the semi-official Tasnim news agency. Iran's Oil Minister, Javad Owji, asserted that the aim was to disrupt gas supplies to households but claimed that Iranian authorities swiftly countered the plot, resulting in only minor damage to several pipes.

Explosions struck a natural gas pipeline in Iran early yesterday, with an official blaming the blasts on a "sabotage and terrorist action" in the country as tensions remain high in the Middle East amid Israel's war on Hamas in the Gaza Strip.

Türkiye's natural gas import declined by 39.2 percent in June from a year ago to 2.33 billion cubic meters, the Energy Market Regulatory Authority (EPDK) has informed.

LNG imports fell 18 percent to 462 million cubic meters, while imports via pipelines were down 43 percent to 1.87 billion cubic meters.

The automotive exports increased by 3.5 percent in July from a year ago to stand at $2 billion, the Uludağ Automotive Industry Exporters' Association (OİB) has said.

The industry's share in Türkiye's total export revenues was 11 percent, ranking second among the exporting sectors.

China committed to buy around $52 billion worth of energy goods from the U.S. in 2020 and 2021 amid the phase-one trade deal signed by the countries.

After 21 months of imposing reciprocal tariffs, the world's two biggest economies finally reached a trade agreement and signed a phase-one deal on Jan. 15 in Washington, D.C.

Iranian Vice President Eshaq Jahangiri called on China and other countries friendly with Iran on July 30 to buy more Iranian oil, the oil ministry news website SHANA reported, as Chinese imports plunged after U.S. sanctions took effect.

Three of eight importers granted waivers by Washington to buy oil from Iran have now cut their shipments to zero, a US official said on Tuesday, adding that improved global oil market conditions would help reduce Iranian crude exports further.

Iran's oil minister on Tuesday criticised Greece and Italy for not buying its oil despite US waivers and said they had not offered Tehran any explanation for their decision.