Israeli strikes have set ablaze infrastructure at the South Pars gas field, the world's largest natural gas reserve, triggering sharp increases in global energy costs. The facility, shared by Iran and Qatar, spans 9,700 square kilometers in the Persian Gulf and supplies two-thirds of Iran's gas.
Sky News international correspondent Alex Rossi said the attack aims to disrupt Iranian revenue streams and raise the cost of continuing hostilities. However, immediate consequences are likely to fall on Iranian civilians already facing high inflation and economic strain.
Qatar condemned the strike as a 'dangerous and irresponsible' act threatening global energy security. Iraqi officials confirmed Iranian gas deliveries have halted. Iran vows retaliation against energy sites across the Middle East, prompting preemptive evacuations at regional facilities.
Brent crude surged over 5% to exceed $110 a barrel, while UK wholesale natural gas prices rose 60% month-to-date.