US EditionIsrael says it will hold off striking key Iranian natural gas field as war rattles energy markets
Israel agreed to pause strikes on Iran's South Pars gas field after Iran retaliated against Gulf energy sites, prompting a spike in fuel prices and U.S. diplomatic intervention.
- Following intensified Gulf attacks Thursday, Israeli Prime Minister Benjamin Netanyahu announced Israel would pause strikes on the offshore gas field at President Donald Trump’s request.
- Amid strikes across the Gulf, Iran intensified attacks on Gulf oil and natural gas facilities Thursday, raising regional and economic stakes since Feb. 28, according to Iranian state media.
- Markets reacted sharply, with Brent crude briefly topping $119 a barrel, while the European natural gas benchmark roughly doubled in the past month, and Qatar reported damage to Ras Laffan LNG reducing exports by about 17%
- The U.N. Security Council held an urgent Thursday meeting as Israel sought shelters amid Iranian missile barrages, and Israeli Energy Minister Eli Cohen announced Israel would pause attacks at Trump's request.
- With some 80% of Iran's power from natural gas, the attacks threaten Iran's electricity grid, while Gen. Dan Caine said U.S. forces continue deeper strikes including 5,000-pound bombs Thursday.
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The Miracle Of Trump's Economy
This is an ETTD story, right? WELP fortune.com/2026/03/18/h... — The Tennessee Holler (@thetnholler.bsky.social) 2026-03-19T03:40:50.320Z Or is this the ETTD story? A clearly spooked Trump points a finger at Israel after a giant gas field in Iran was hit, sending high oil/gas prices higher — The Tennessee Holler (@thetnholler.bsky.social) 2026-03-19T02:27:25.628Z and of course…
Israel bombed Iran's most important natural gas field, and Iran retaliated by targeting the energy infrastructure of the Gulf states. Trump restrained Netanyahu, but threatened the Iranian regime with harsher attacks than ever before for its attacks on Qatar. Everyone fears damage that would linger in the global economy long after the war is over.
'There's a lot of ways that this could escalate and get worse': Iran war rattles energy markets
Dan Marks, a research fellow in energy security at the Royal United Services Institute, breaks down the impact of Israel's attack on Iran's massive South Pars natural gas field on global energy markets – and just how both sides could escalate the crisis with further attacks on critical energy infrastructure across the region.
Global oil and energy prices are reeling as the war in the Middle East escalates
Israel and Iran continue to exchange airstrikes with a focus on energy infrastructure. President Trump says Israel acted alone in striking a key gas field and better not do it again.
Weekly Must-Read: U.S.-Israel War With Iran Drifts Toward Attrition
Weekly Must-Read: U.S.-Israel War With Iran Drifts Toward Attrition - Tehran selects new leader, disruption of the Strait of Hormuz rattles oil markets, and a conflict expected to end quickly begins to look like a long regional struggle
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