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Iran remains a major international oil supplier, and it also sits on the Strait of Hormuz, a heavily trafficked waterway in the Persian Gulf that is a key transit channel for about one-fifth of the world's oil supply.

Oil Reserves in Iran Iran holds 157,530,000,000 barrels of proven oil reserves in the world as of 2016, ranking #4 in the world and accounting for about 9.54% of the world's total oil reserves of 1,650,585,140,000. Iran has proven reserves equivalent to 239.2 times its annual consumption levels.

Israel sees Iran as an existential threat. Israel has accused Iran of harboring genocidal intentions, while Iran has accused Israel of conducting a genocide in Gaza. Consequently, Israel has sought sanctions and military action against Iran to stop it from acquiring nuclear weapons.