Israel, with US support, bombed phases 3-6 of Iran’s South Pars gas field—the world’s largest—on March 18, 2026, halting operations, igniting fires at the Assaluyeh refinery, and spiking global energy prices.
Strategic Importance
South Pars/North Dome supplies 80% of Iran’s gas needs and 40% of LNG exports; shared with Qatar, it processes 750 million cubic meters daily. Strikes shift conflict from military to economic targets, crippling Tehran’s revenue.
Market and Regional Fallout
Brent crude surged 6% to $109/barrel; European gas jumped similarly. Qatar condemned attack on shared field as “dangerous”; UAE warned of energy security threats. No casualties; firefighting ongoing.
Iranian Response
Tehran vows “massive retaliation” targeting Gulf energy sites; already hit Saudi refineries and Qatar’s Ras Laffan LNG post-strike. Warns of “all-out economic war” dragging neighbors deeper into US-Israel-Iran conflict.
