Oil and natural gas markets surged after Iran signaled it could retaliate against key regional energy infrastructure following reported strikes on its upstream assets. Brent crude climbed as much as 6% to $10.56 per barrel, while Europe’s gas benchmark jumped nearly 8%, highlighting mounting fears of supply disruption.
Tehran said U.S. and Israeli forces targeted the South Pars gas field and associated facilities in Asaluyeh. The strike marks a significant escalation, representing the first direct attack on Iran’s upstream production since the conflict began. South Pars—shared with Qatar and known as the world’s largest gas field—is central to Iran’s energy system, with output reaching a record 730 million cubic meters per day in 2025.
In response, Iran’s Islamic Revolutionary Guard Corps (IRGC) warned that major energy assets across the Gulf could become “legitimate targets.” Semi-official media published a list of potential sites, including the Ras Laffan refinery and Mesaieed petrochemical complex in Qatar, the Samref refinery and Jubail petrochemical hub in Saudi Arabia, and the Al Hosn gas field in the United Arab Emirates.
The threat has already prompted action. Saudi Aramco reportedly evacuated personnel from the Samref refinery following the warning, underscoring the seriousness of the risk facing regional infrastructure.
The surge in prices highlights growing concern that the conflict is expanding into direct attacks on critical energy infrastructure.
