The American-Israeli war on Iran has entered a new phase with an unprecedented attack on the Islamic Republic’s energy sector.
The attack, which took place on March 18, hit gas storage tanks at Iran’s South Pars field in the southern Iranian city of Asaluyeh, halting production at two refineries.
The South Pars field is the world’s largest natural gas reservoir, supplying approximately 70% of Iran’s domestic gas and holding nearly 8% of the world’s total reserves.
Following the attack, Iran’s state television published a threat, saying that the Islamic Republic will be attacking oil and gas infrastructure in Qatar, Saudi Arabia and the United Arab Emirates.
The response came quickly after. Large blasts were reported near the Saudi capital, Riyadh, right as the kingdom’s ministry of defense announced that four ballistic missiles heading in the direction of the city were intercepted. The target was reportedly the city’s refinery.
A major fire was also reported at another refinery in the city of Yanbu, located on the coast of the Red Sea. Yanbu is one of the kingdom’s primary export terminals for refined products destined for Europe and Asia.
Meanwhile in Qatar, fire was reported in the Ras Laffan area – home to the world’s largest liquefied natural gas (LNG) production facility – following what the interior ministry described as “Iranian targeting”. QatarEnergy later described the damage there as “extensive”.
The UAE was hit soon after. Early on March 19, the country said that the Habshan gas facility and the Bab field south of the capital, Abu Dhabi, were the target of a “terrorist attack” by Iran.
The Habshan facility is one of the world’s largest gas processing facilities, while the Bab field is the UAE’s largest onshore oil field.
Global oil prices jumped to over $112 per barrel following the Israeli attack on Iran’s South Pars gas field, and Natural gas prices spiked by 35% as retaliatory attacks hit major energy hubs in Qatar, Saudi Arabia, and the UAE.
The attack on the South Pars gas field was clearly an attempt to pressure the Islamic Republic to reopen the Strait of Hormuz. At the same time, the attack was likely carried out in the hope that the Iranian retaliation would drag Gulf countries into the war.
While it was reported that the U.S. will not be allowing Israel to attack any other energy facilities in Iran, the attacks will likely continue, especially that Saudi Arabia had warned that it could respond.
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