Iran announced it would strike Gulf energy hubs as oil surged on Wednesday, following an Israeli attack on the South Pars gasfield — the world’s largest natural gas reserve. The Revolutionary Guards named specific facilities in Saudi Arabia, the UAE, and Qatar as targets and ordered immediate evacuation. Brent crude surged nearly 5% to $108.60 a barrel, with European gas prices climbing more than 7.5% as markets absorbed the full gravity of Iran’s declaration.
South Pars, shared between Iran and Qatar, is the foundation of Iran’s gas export revenues. The Israeli strike on the field — reportedly authorized by the US — was unprecedented in its direct targeting of Iranian fossil fuel production. Both countries had previously avoided this step, understanding that crossing it could trigger the precise kind of sweeping and economically damaging retaliation now materializing.
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 targets for strikes in the coming hours. All workers and residents were told to evacuate without delay. Asaluyeh governor Eskandar Pasalar called the US-Israeli strike “political suicide” and declared the war had entered a full-scale economic phase.
Gulf oil exports had already collapsed 60% from pre-war levels due to infrastructure damage and Iran’s Strait of Hormuz blockade. Iran had continued to export its own crude through the strait unimpeded while blocking Gulf neighbors’ shipments — a strategic advantage that had persisted throughout the conflict. The threat of Iranian strikes on Gulf energy hubs raised the prospect of a further dramatic disruption to global energy supply, potentially pushing oil prices to new records.
Qatar’s government spokesperson warned that attacking energy infrastructure was a direct threat to global energy security and the region’s populations. With Iran’s announcement made public and specific, the declaration had the weight of genuine military preparation behind it. As the deadline approached, global energy markets and governments around the world braced for the consequences of Iran’s most consequential and explicitly stated military threat yet.