US EditionIsrael's Strike On South Pars Hits Iran, And Iranians, Where It Hurts Most
Brent crude rose 5 percent to $108.66 a barrel amid fears of prolonged conflict disrupting 7-10 million barrels per day of Middle East oil output.
- On Wednesday, oil prices jumped more than 5 percent after Israeli jets struck the South Pars gas complex near Asaluyeh, pushing Brent crude to $108.66 and US West Texas Intermediate to $98.65.
- The South Pars field supplies 75 percent of Iran's domestic gas and powers roughly 80 percent of the country's electricity, and has suffered chronic underinvestment since France's Total left after the 2018 US withdrawal from the nuclear deal.
- The strike halted output at two refineries with a combined daily capacity of around 100 million cubic meters, and Qatar's Interior Ministry said the fire at Ras Laffan gas facility was brought under control after an Iranian ballistic missile attack.
- Middle East exports have been disrupted, with estimated cuts of 7 million to 10 million barrels per day, roughly 7 percent to 10 percent of global demand.
- Israeli officials say the strike was coordinated with the United States to degrade Iran's military capacity, while analysts warn the damage will cause severe shortages and lengthy reconstruction needs.
12 Articles
12 Articles
The Israeli strike on the Iranian gas field of South Pars is an escalation. Donald Trump claims that he didn't know anything about it. The "Wall Street Journal" claims the opposite. ...
The world's largest gas field is out of operation, an export facility in Qatar as well, and oil and gas prices on the stock exchanges are rising. The consequences are also noticeable in Germany. An overview.
Israel's Strike On South Pars Hits Iran, And Iranians, Where It Hurts Most
Israel's strike on South Pars, the world's largest gas field, has hit Iran where it hurts most -- the infrastructure keeping its military and 90 million people supplied with power and heat. The fallout could outlast the conflict itself.
Israel has recently attacked Iran's South Pars gasfield, which is affecting global energy prices, and a failure, above all, is likely to affect Iran itself.
Oil and gas prices surge after Israeli attack on Iran field
Oil and European natural gas prices surged as Iran listed energy assets across the region that it could target in response to a US and Israeli attack on its upstream industry, threatening a new wave of supply disruption.
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