Overview

• Phase 14 of the South Pars field sustained damage that halted 12 million cubic metres of daily gas output after a fire in one processing unit was extinguished.
• The offshore complex, shared with Qatar’s North Field, supplies roughly two-thirds of Iran’s domestic gas and accounts for about 6.5% of global production that is largely consumed at home because of sanctions.
• Iran’s chronic energy shortages and frequent blackouts, which cost its economy around $250 million daily, stand to worsen with the partial shutdown.
• The attack triggered oil prices to jump by as much as 14%, underlining the Persian Gulf’s strategic role in global energy security.
• President Masoud Pezeshkian has pledged fiercer retaliation, stoking concerns that Iran may target other key infrastructure such as Kharg Island and the Strait of Hormuz.