Iran Attacks Gulf Oil and Gas Sites, Sending Prices Higher

Iran intensified its attacks on oil and gas facilities across the Gulf region on Thursday in retaliation for an Israeli strike on Iran's South Pars gas field.

The Israeli attack on the world's largest gas field marked a significant escalation aimed at pressuring Iran's government by targeting critical infrastructure.

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The strikes came after weeks of conflict that began when the U.S. and Israel launched a joint offensive against Iran on February 28.

Iranian Foreign Minister Abbas Araghchi warned of 'zero restraint' if Iranian infrastructure is targeted again.

This cycle of escalation has transformed what began as a military conflict into a battle over global energy security.

Iran's retaliatory strikes targeted multiple critical energy infrastructure facilities across the Gulf.

In Qatar, Iran's ballistic missiles struck the Ras Laffan Industrial City, home to the world's largest liquefied natural gas export plant, causing extensive damage.

Anadolu Agency

Saudi Arabia's SAMREF refinery in Yanbu was hit by an aerial attack, while authorities intercepted multiple ballistic missiles and drones.

In Kuwait, a drone attack sparked fires at the Mina Al-Ahmadi refinery, one of the largest in the Middle East.

The UAE was also targeted, with operations suspended at the Habshan gas facility and Bab oil and gas field.

The attacks triggered a severe global economic crisis as energy prices skyrocketed to historic levels.

“Iran warns of ‘zero restraint’ if infrastructure attacked again Foreign minister says Tehran showed limited response out of respect for de-escalation efforts ISTANBUL Iran warned Thursday it would show “zero restraint” if its infrastructure is targeted again following an Israeli strike on the Iranian side of the South Pars gas field that halted production at two major refineries”

Anadolu Agency

Brent crude oil, the international benchmark, surged to as high as $118 per barrel, up more than 60% since the U.S. and Israel launched the war with Iran on February 28.

European natural gas prices also jumped dramatically, with the Dutch TTF futures contract rising 28.06% to 70 euros per megawatt-hour.

The price increases sent shockwaves through global markets, increasing gasoline and other goods costs while squeezing the global economy.

U.S. diesel prices climbed above $5 per gallon for the first time since 1922, while Treasury Secretary Scott Bessent considered easing sanctions on Iranian oil stranded on tankers.

The international community reacted with alarm as Gulf Arab states condemned the attacks and called for restraint.

Qatar declared several Iranian Embassy officials persona non grata and expelled them following the strike on Ras Laffan.

CBS News

Saudi Arabia intercepted multiple missiles and drones, with fragments from one interception injuring four people in Riyadh.

Arab League Secretary-General Ahmed Aboul Gheit condemned what he described as a 'flagrant' Iranian attack and warned against the 'dangerous escalation'.

President Donald Trump issued contradictory statements, first claiming the U.S. 'knew nothing' about the Israeli attack on South Pars, then threatening to 'massively blow up the entirety' of Iran's gas field.

The conflict has reached a critical juncture where energy infrastructure warfare threatens to become the new normal in the region.

“PresidentDonald Trumppressed for a de-escalation of attacks on Middle East energy assets after Iranian and Israeli strikes on major gas hubs jolted global markets”

Bloomberg

Iran's Islamic Revolutionary Guard Corps has explicitly begun attacking other countries' energy infrastructure, warning that subsequent attacks will not cease until complete destruction.

Fox News

The strike on South Pars has ended what analysts describe as an unwritten taboo about keeping energy infrastructure outside direct military targeting.

This shift means that future conflicts will not only be measured by military casualties but also by their impact on global supply chains.

The Trump administration faces growing pressure to contain the escalating conflict, with House Speaker Mike Johnson suggesting the mission objectives are 'just about accomplished.'