Iran Strike Sends Oil Prices Surging, Threatens Gulf Response

Iran has warned that energy assets in Saudi Arabia, the UAE, and Qatar are now “legitimate targets” following strikes on its own energy infrastructure. The attacks, reportedly coordinated by Israel and the U.S., targeted the South Pars gas field – the world’s largest – and other oil facilities. Iran’s Revolutionary Guards have threatened counterstrikes “in the coming hours,” vowing “decisive action” in response to the assault on its gas field and infrastructure. The South Pars field is a vast reservoir shared with Qatar. The attacks have sent shockwaves through oil and gas markets, causing Brent crude prices to surge to $110 a barrel. This marks the first targeted attacks on Iran’s fossil fuel production since the recent escalation of conflict.