Crude oil prices, which had stabilised earlier in the day, have regained strength, with Brent crude futures rebounding 9.6% from the day’s low to $110 per barrel following reports of an attack on Iran’s South Pars gas field.
South Pars is the Iranian segment of the world’s largest natural gas deposit, which Iran shares with Qatar across the Gulf. Gas tanks and parts of a refinery were hit, workers were evacuated to safe locations, and emergency crews were attempting to extinguish the fire, Reuters reported, citing Iran’s Fars news agency.
The attack was widely reported in Israeli media to have been carried out by Israel with the consent of the United States. The Israeli military did not immediately respond to requests for comment, the report added.
Qatar, a close US ally that hosts the largest US airbase in the region, described it as an Israeli attack without mentioning any US involvement. The Qatari foreign ministry spokesperson termed it a “dangerous and irresponsible” escalation that puts global energy security at risk.
“The Israeli targeting of facilities linked to Iran’s South Pars field, an extension of Qatar’s North Field, is a dangerous and irresponsible step amid the current military escalation in the region,” Qatar’s Foreign Ministry spokesman Majed al-Ansari said on X.
Attacks on energy infrastructure intensify amid ongoing conflict
The US and Israel had previously refrained from targeting Iran’s energy production facilities in the Gulf, as such a move could invite retaliation against other producers and make it harder for global markets to recover from what has already been one of the biggest disruptions to energy supplies.
However, nearly three weeks into the war, there has been no sign of de-escalation.
Attacks on energy infrastructure have increasingly become a central feature of the conflict, with Iran extending its attacks on oil fields and refineries across the Gulf region, while the US conducted heavy strikes on Kharg Island earlier this week—Iran’s economic lifeline—which handles nearly 90% of the country’s crude oil exports.
Iran has effectively stopped tankers from using the Strait of Hormuz, the shipping lane between the Persian Gulf and the Gulf of Oman — the gateway to the Indian Ocean — through which nearly 20% of the world’s oil is transported.
Overnight, Iranian attacks on Israel and Gulf states continued, as Tehran vowed revenge for the killing of security chief Ali Larijani, while Israel claimed that Iranian intelligence minister Esmaeil Khatib had been killed.
Meanwhile, US President Donald Trump, in a post on Truth Social on Tuesday, said that the US did not need assistance from NATO allies in the Middle East. His remarks came after he had indicated on Monday that a coalition could be formed to help protect ships navigating the Strait of Hormuz, although some countries were reportedly “less than enthusiastic” about participating.
(With inputs from Reuters)
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