Oil nears $109 after strike on Iran’s top gas field

2026-03-18 - 14:11

Shafaq News- Middle East Oil prices surged toward $109 per barrel on Wednesday after a strike on Iran’s South Pars gas field raised supply concerns. Brent crude jumped about 5% to $108.6 per barrel, while US West Texas Intermediate (WTI) climbed toward $97 per barrel. Iranian and Israeli media reported that a US-Israeli strike hit parts of the field and oil facilities in Assaluyeh, targeting a gas processing plant in the first attack on Iran’s economic infrastructure. South Pars accounts for around 75% of the country's total natural gas production. Several sections of the South Pars field were struck by US-Israeli projectiles, Assaluyeh's governor said, adding that the firefighting teams working to contain a blaze and no casualties reported.