Israel has expanded its bombing campaign against Iran, striking a major offshore gas facility in what analysts describe as a significant escalation of the conflict.
Iran’s semi-official Fars News Agency reported that Israeli forces with US backing attacked the South Pars gas field late on Wednesday night, marking the first known strike on Iran’s energy infrastructure since the war began.
Danni Hewson, head of financial analysis at AJ Bell, told the BBC Israel’s move to target economic instead of millitary facilities had intensified the conflict.
“Any solution to the blockage of the Strait of Hormuz looks pretty distant at this point and until there is progress on that front, energy markets will likely remain volatile,” she said.
The South Pars field is a critical component of Iran’s economy, supplying around 70 percent of the country’s domestic energy needs. Damage to the facility has raised concerns about internal energy shortages, as well as broader instability in global markets.
Tehran responded swiftly, warning that oil and gas installations across the Qatar, Saudi Arabia and the UAE could become targets in retaliation.
Global energy markets have reacted sharply. Brent crude oil surged to around US$110 a barrel following the strike, up from approximately US$70 before the conflict began.
The South Pars reserve, shared between Iran and Qatar, is the largest natural gas field in the world. Spanning roughly 9,700 square kilometres, it contains an estimated 51 trillion cubic metres of gas.
Although the strike targeted only Iran’s section of the field, Qatar, which operates the adjacent North Field, condemned the attack as “dangerous and irresponsible”, warning it poses a serious threat to global energy security.
Photo: South Pars Onshore Facilities by Hamed Malekpour is available HERE and is used under a Creative Commons Licence. This image has not been modified.
