DOHA/JERUSALEM/DUBAI: Iran on Wednesday accused Israel of targeting its facilities in the South Pars Gas Field, marking a major escalation in the ongoing conflict that pushed global oil prices sharply higher and raised fears of a wider regional war.
Tehran vowed retaliation against oil and gas installations across the Gulf and launched missile strikes toward Qatar and Saudi Arabia.
Energy infrastructure under attack
Qatar’s state energy company QatarEnergy reported extensive damage after Iranian missiles struck Ras Laffan Industrial City, a major energy hub.
Saudi authorities said they intercepted four ballistic missiles aimed at Riyadh and foiled a drone attack on a gas facility in the country’s eastern region.
Oil markets react
The escalation rattled global markets, with Brent crude rising about 5% to above $108 per barrel, while equities declined amid fears of prolonged disruption to energy supplies.
The conflict has already halted shipping through the Strait of Hormuz, a critical route for nearly 20% of global oil and LNG flows.
Diplomatic tensions rise
Qatar condemned the attack on Iranian facilities as “dangerous,” while also criticising Iran’s missile strikes as a violation of international law and expelling two Iranian diplomats.
Meanwhile, Emmanuel Macron called for a moratorium on strikes targeting civilian energy and water infrastructure following consultations with regional leaders and Donald Trump.
Threats to regional facilities
Iran warned that several key energy installations across the region, including facilities in Saudi Arabia, the UAE and Qatar, could be considered “legitimate targets” if hostilities continue.
European Union foreign policy chief Kaja Kallas stressed the need for secure navigation through the Strait of Hormuz and urged a diplomatic resolution.
Conflict widens
The fighting has expanded beyond Iran, with Israeli strikes hitting Beirut and Iranian missile attacks reaching Israel and other parts of the region.
Israeli officials said senior Iranian figures, including intelligence minister Esmail Khatib and security leader Ali Larijani, had been targeted.
Rising casualties
Human rights groups estimate thousands have been killed in Iran since the conflict began, while hundreds of casualties have been reported in Lebanon and other affected areas.
The escalating violence has raised concerns of long-term damage to regional energy infrastructure and a broader economic fallout worldwide.