Shockwaves spread across global energy markets on Wednesday after Iran threatened imminent strikes against Gulf energy facilities following an Israeli attack on the South Pars gasfield. The Revolutionary Guards named specific targets in Saudi Arabia, the UAE, and Qatar and ordered evacuation. Oil prices surged toward $110 a barrel as investors and traders scrambled to price in the potential consequences of a full-scale Gulf energy infrastructure war.
The South Pars gasfield, shared between Iran and Qatar, is the world’s largest natural gas reserve and a cornerstone of Iran’s energy economy. The Israeli strike on the field — reportedly with US backing — was the first time Iran’s fossil fuel sector had been directly targeted in the conflict. Both countries had previously maintained this restraint, understanding that crossing it could trigger exactly the kind of sweeping retaliation now unfolding.
Iran’s state broadcaster named Saudi Arabia’s Samref refinery and Jubail complex, the UAE’s al-Hosn gasfield, and Qatar’s Mesaieed and Ras Laffan facilities as imminent targets. All personnel were instructed to evacuate without delay. Governor Eskandar Pasalar of Asaluyeh called the US-Israeli escalation “political suicide” and declared the conflict had entered a full-scale economic warfare phase.
Oil prices rose nearly 5% to $108.60 per barrel, while European gas benchmarks surged more than 7.5%. Gulf oil exports had already fallen 60% from pre-war levels due to infrastructure damage and Iran’s blockade of the Strait of Hormuz. Iran had continued to ship its own crude through the strait unimpeded while blocking Gulf neighbors’ exports — a strategic imbalance that had given it significant leverage. The threat of Iranian strikes on Gulf facilities raised fears of a further and potentially catastrophic supply disruption.
Qatar’s government spokesperson warned that attacking energy infrastructure endangered global energy security. The shockwaves from Iran’s threat extended far beyond the Gulf — reaching energy traders, central banks, governments, and ordinary consumers around the world who depended on Gulf oil and gas. The conflict had evolved into a global economic event, and the coming hours would determine just how damaging it would become.