Strikes hit world’s largest natural gas field in Iran, and Tehran retaliates with more attacks
BNN Bloomberg
Israel killed another top Iranian official -- the intelligence minister -- in its campaign against the Islamic Republic’s leadership, and an Iranian offshore natural gas field was struck Wednesday amid the war’s escalating pressure on the region’s economic lifeblood: energy.
Iran condemned the strike on its massive South Pars natural gas field, with Iranian President Masoud Pezeshkian warning of “uncontrollable consequences” that “could engulf the entire world.”
Iran escalated strikes on its Persian Gulf neighbors’ energy facilities, hitting gas facilities in Qatar after Israel launched an attack against Iran’s South Pars offshore natural gas field in the Persian Gulf that it shares with Doha. Qatar in response ordered Iranian Embassy officials to leave the country within 24 hours.
Tehran also struck the Habshan gas facility and Bab field in the United Arab Emirates, which the government there called a “dangerous escalation” in the Islamic Republic’s war against Israel and the United States. Authorities in Abu Dhabi say the gas operations had been shut down after interceptions over the sites.
The attacks on Qatar and the United Arab Emirates are ratcheting up pressure on the Gulf Arab states, which have been defending against Iranian attacks since the war began Feb. 28 but haven’t taken any offensive action against Iran as their military bases, civilian sites and energy operations have come under attack.
The price of oil surged another five per cent to over US$108 a barrel on international markets as Iran continued to squeeze the Strait of Hormuz shipping channel -- through which one-fifth of the world’s oil travels. The price of Brent crude, the international benchmark for oil, is now up close to 50 per cent since the start of the war.
A key question hangs over the Federal Reserve’s two-day meeting that ends Wednesday: Will central bank policymakers still reduce short-term interest rates this year, now that the Iran war has sent oil prices higher and gas prices spiking? Or will they have to stand pat for months to see how the conflict plays out?
Wall Street followed global markets higher Wednesday and the price of U.S. crude fell eased despite a new barrage of attacks by Iran on its Gulf neighbors.
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Shares advanced Wednesday in Europe and Asia as oil prices fell back slightly despite a barrage of attacks by Iran on its Gulf neighbours.
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Markets in Canada and the U.S. were up in late-morning trading on Tuesday despite the ongoing war in Iran.
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Oil tankers are crossing the Strait of Hormuz and Iran’s actions to choke traffic through the shipping route have not hurt the U.S. economy, White House economic adviser Kevin Hassett told CNBC on Tuesday, reiterating the Trump administration’s position that the war should be over in weeks, not months.
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