Iran’s Revolutionary Guards have threatened to attack energy infrastructure in Saudi Arabia, the United Arab Emirates and Qatar in retaliation for Israeli strikes on its largest gasfield, the South Pars field. The warning marks the first targeted attacks on Iran’s fossil fuel production since the conflict began.
State media reported that missiles had targeted the South Pars field, the world’s largest gas reserves, which Iran shares with Qatar. Israeli media widely reported that Israel carried out the strike with US consent, escalating US and Israeli military operations against Iran’s energy sector.
The oil price climbed towards $110 a barrel on Wednesday as the threat to Gulf infrastructure fuelled supply concerns. Europe’s gas benchmark also jumped by over 7.5% to more than €55.50 per megawatt hour.
Iran identified specific targets including Saudi Arabia’s Samref refinery and Jubail petrochemical complex, the UAE’s al-Hosn gasfield, and Qatar’s Mesaieed petrochemical complex and Ras Laffan refinery. The warning urged civilians to leave these areas immediately.
Eskandar Pasalar, governor of Asaluyeh, condemned the escalation as “political suicide”, stating that “the pendulum of war has swung” to a “full-scale economic war”. A Qatari spokesperson warned that targeting energy infrastructure threatens global energy security and the regional environment.
Daily oil exports from the region have fallen by at least 60% from prewar levels due to drone and missile strikes and Iran’s chokehold on the Strait of Hormuz. Iran has continued to ship crude through the strait while threatening vessels from neighbouring states.
