Global oil prices surged sharply on Thursday after escalating tensions in the Middle East raised fears of prolonged disruption to global energy supplies.
US President Donald Trump has warned that the United States could “massively blow up” Iran’s South Pars gas field if Tehran continues attacks on energy infrastructure in Qatar. His comments come amid a widening regional conflict that has already damaged key energy facilities and rattled global markets.
Oil prices rose by around five percent as concerns mounted over the security of critical supply routes, including the Strait of Hormuz, through which a significant share of the world’s crude oil is transported.
The latest escalation follows Iranian strikes on energy sites in the Gulf, including Qatar’s Ras Laffan liquefied natural gas facility. The attacks were reportedly carried out in retaliation for earlier Israeli strikes on Iran’s South Pars gas field, part of one of the world’s largest natural gas reserves.
In a social media post, Trump said he had no prior knowledge of Israel’s earlier strike on South Pars but insisted that further attacks on the site would stop if Iran halted its actions against Qatar. He added that if Tehran did not comply, the United States could target the entire South Pars gas field.
Meanwhile, energy infrastructure across the region has come under increasing pressure. Qatar’s state energy company said firefighters contained multiple fires at Ras Laffan following missile impacts, while other Gulf states have reported attempted strikes on critical facilities.
Saudi Arabia has warned it reserves the right to respond militarily after intercepting drones targeting oil infrastructure in its eastern region. Debris from a ballistic missile was also reported near a refinery south of Riyadh.
Casualties have been reported across the region, including the death of a Thai national in Israel and several civilian deaths linked to missile debris in the occupied West Bank.
The conflict has also expanded beyond Iran and Israel, with Lebanon increasingly affected by hostilities involving Hezbollah and Israeli forces. Civilians in southern Lebanon have fled intensified airstrikes, while reports from Beirut describe growing displacement and damage to infrastructure.
International leaders have urged restraint. French President Emmanuel Macron said he had spoken with Trump and Qatar’s leadership, calling for a pause in strikes against civilian infrastructure.
In Washington, US intelligence officials said Iran’s government remains “intact but largely degraded,” though no renewed nuclear enrichment activity has been detected.
As fighting spreads across multiple fronts, regional powers and allied militias continue to exchange strikes, raising fears of a broader and more sustained conflict with significant global economic consequences.