Iran mobilized its economic arsenal on Wednesday after Israeli forces struck the South Pars gasfield, threatening Gulf energy stability on a sweeping scale. The Revolutionary Guards announced imminent strikes against facilities in Saudi Arabia, the UAE, and Qatar, naming specific targets and ordering evacuation. Oil prices climbed toward $110 a barrel as the threat to Gulf energy infrastructure reached its most acute level.
The South Pars field holds the world’s largest natural gas reserves and is shared between Iran and Qatar. The Israeli strike on the field — reportedly with US consent — was the first attack on Iranian fossil fuel production in the conflict. Both countries had previously held back from targeting Iranian energy infrastructure, understanding that crossing this threshold could provoke the exactly the kind of economic retaliation now materializing.
Targeted facilities named by Iran’s state media included Saudi Arabia’s Samref refinery and Jubail complex, the UAE’s al-Hosn gasfield, and Qatar’s Mesaieed and Ras Laffan facilities. All workers and residents were told to evacuate without delay. Asaluyeh governor Eskandar Pasalar called the US-Israeli strike “political suicide” and said the conflict had entered a full-scale economic war that would not be contained easily.
Brent crude rose to $108.60 a barrel, while European gas benchmarks surged more than 7.5%. These market moves reflected deep anxiety about an already severely disrupted global energy supply picture: Gulf oil exports had fallen 60% from pre-war levels, the Strait of Hormuz was effectively blockaded by Iran, and multiple energy assets in the region had already been damaged or destroyed in earlier strikes. Iran’s new threats raised fears of a further and potentially catastrophic supply collapse.
Qatar’s government spokesperson called on all parties to refrain from attacking energy infrastructure, warning of grave consequences for global energy security. From London to Tokyo, energy markets were pricing in a level of Gulf supply disruption that had no modern equivalent. With Iran’s economic arsenal now openly deployed and specific targets named, the conflict had entered a phase from which recovery would be difficult — and potentially very slow.