Escalating conflict between Iran and the US-Israeli coalition has struck key energy infrastructure, including Iran’s Pars gas field and facilities in Qatar, triggering sharp increases in global oil prices. Missile attacks and threats against major oil and gas sites across the Gulf have raised fears of prolonged disruption to global energy supplies, especially as the Strait of Hormuz, which carries about 20% of the world’s oil and LNG, remains effectively closed. Benchmark crude prices surged above $100 per barrel, while governments scramble to respond to rising fuel costs and mounting geopolitical risk. The situation marks a significant escalation, with energy infrastructure now directly targeted, heightening concerns over global supply security.
