US EditionOil prices jump following first attacks on Iranian production facilities
Oil prices surged over 6%, hitting near $110 a barrel after US-Israeli strikes on Iran's South Pars gas field, the world's largest natural gas reservoir.
- On Wednesday, U.S. and Israeli forces struck Iran's South Pars offshore gas field and the Asaluyeh processing complex, causing significant fires in the first reported attack on Iranian production facilities during the war.
- Israel and the U.S. previously avoided targeting Iran's upstream energy production over fears of global economic disruption, but the escalating conflict has now pushed them to strike critical infrastructure.
- Brent crude surged more than 6% to nearly $110 a barrel following the strike, while European natural gas prices jumped nearly 8%, reflecting immediate market fears of supply disruption.
- Iran's Revolutionary Guards retaliated by warning residents at energy facilities in Saudi Arabia, the United Arab Emirates, and Qatar to evacuate, declaring them "direct and legitimate targets" for strikes "in the coming hours."
- Foreign ministers from Arab and Muslim-majority countries are gathering in Riyadh on Wednesday to discuss the crisis as regional instability threatens to further tighten global energy supplies.
236 Articles
236 Articles
The price spike is due to a new attack on Iran.
Iran War Enters Nineteenth Day: Israel, U.S. Attack Iran’s South Pars Gas Field
The Iran War entered its nineteenth day on Wednesday with President Trump threatening on Truth Social to “finish off” what he said was “left of the Iranian Terror State.” In the same post, he expressed his frustration with what he called “our non-responsive “Allies,”’ who have so far resisted Trump’s calls to join a coalition to re-open the Strait of Hormuz. Iran’s South Pars gas field, the world’s largest natural gas reserve, was targeted with …
The offensive directly impacted the facilities of the South Pars site, the world's largest natural gas reserve.
Military.com
New Hampshire Union LeaderIran Says US, Israel Struck Giant Gas Field as War Escalates
Iran said the United States and Israel struck its giant South Pars gas field in the Persian Gulf, the latest attack on energy assets in the regionwide conflict.
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