The US-Israeli military campaign against Iran entered its 19th consecutive day on March 19, 2026, with strikes targeting the South Pars gas field—the world’s largest natural gas reservoir. Iranian forces retaliated by attacking energy facilities in neighboring regions, escalating fears of a prolonged disruption to global energy supplies.
Since the campaign began on March 1, 2026, oil prices have surged by 22%, with Brent crude surpassing $150 per barrel this week. Analysts warn that continued attacks on critical infrastructure in the Strait of Hormuz, a vital maritime chokepoint, could destabilize markets further. “This isn’t just a regional conflict—it’s a direct threat to global energy security,” said Ravi Kapoor, a Singapore-based energy strategist.
The South Pars strikes mark a significant escalation, as the gas field accounts for nearly 40% of Iran’s natural gas production. Retaliatory actions have temporarily halted operations at two major Gulf refineries, according to regional officials. The UN Security Council is scheduled to hold an emergency session later this week to address the crisis.
