Oil spikes after Iran says world’s largest gas fields hit in strikes, vows to attack Gulf oil production in retaliation

An Israeli airstrike hit Iran’s South Pars gas field, the largest in the world, on Wednesday — causing energy prices to spike as Tehran vows to hit energy sites across the Gulf in retaliation.

Explosions were reported across multiple areas of the South Pars gas field, which is jointly operated by Iran and Qatar.

Doha slammed the strike as a targeted attack.

“The Israeli targeting of facilities linked to Iran’s South Pars field, an extension of Qatar’s North Field, is a dangerous & irresponsible step amid the current military escalation in the region,” said Majed Al Ansari, a spokesman for the Qatari Foreign Ministry.

Iran’s central military command warned that a severe response to the strike was imminent, signaling a new wave of attacks on energy facilities across the Gulf.

Brent crude oil futures soared to nearly $109 per barrel in the wake of the strike, after opening Wednesday around $101.

US stocks also slipped in early trading.