Iran's Revolutionary Guards have threatened to strike energy infrastructure in Saudi Arabia, the UAE, and Qatar in retaliation for Israeli attacks on its South Pars gasfield, the world's largest gas reserves. State media reported that missiles targeted the field, which Iran shares with Qatar, marking the first targeted attacks on Iran's fossil fuel production since the war began.
The Israeli strikes, widely reported to have been carried out with US consent, represent a key escalation. Until now, US and Israeli operations had largely spared Iran's oil and gas sector, helping to keep global oil prices in check. However, the attack on South Pars has fueled concerns of further disruption to global supplies, especially amid the ongoing blockade of the Strait of Hormuz.
Iran's state media 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 Revolutionary Guards warned civilians to evacuate these areas immediately, stating they are 'direct and legitimate targets' that will be struck 'in the coming hours.'
The international oil benchmark climbed towards $110 a barrel on Wednesday, while Europe's gas benchmark jumped over 7.5%. Daily oil exports from the region have fallen by at least 60% from prewar levels due to drone and missile strikes and Iran's effective chokehold on exports through the Strait of Hormuz.
Eskandar Pasalar, governor of Asaluyeh in southern Iran, condemned the escalation as 'political suicide,' stating that 'the pendulum of war has swung' to a 'full-scale economic war.' A Qatari government spokesperson warned that targeting energy infrastructure 'constitutes a threat to global energy security, as well as to the peoples of the region and its environment.'
