Oil Prices Spike After Israeli Strikes Hit Iran Gas Sites: CNBC
Crude oil prices surged more than 3% on Sunday following Israeli strikes on critical energy infrastructure in Iran, raising fears of a broader conflict that could disrupt global supply chains.
According to a report from CNBC, the strikes targeted two natural gas facilities in Iran’s massive South Pars field, escalating tensions and rattling energy markets.
Crude and Brent Futures Rally on Geopolitical Tensions
The CNBC report notes that U.S. crude jumped $2.72, or 3.7%, reaching $75.67 per barrel. Meanwhile, global benchmark Brent climbed $3.67, or 4.94%, to trade at $77.90. This move followed a 7% price increase on Friday—marking the oil market’s biggest one-day gain since Russia’s full-scale invasion of Ukraine in March 2022. Altogether, U.S. crude surged 13% last week.
South Pars, Tehran Oil Depot, and Haifa Refinery Struck
As reported by Iranian state media and cited by CNBC, Israeli drones struck two processing units at South Pars, one of the world’s largest gas fields. It remains unclear how much damage was inflicted. The Jerusalem Post also confirmed Israeli strikes on a major oil depot near Tehran. In retaliation, Iranian missile attacks reportedly damaged a major oil refinery in Haifa, according to The Times of Israel.
Energy Infrastructure Now a Primary Target
According to CNBC, the latest strikes mark a dangerous turn, with military actions now focusing on vital energy assets. The growing conflict raises concerns about possible disruptions to exports and navigation through the Strait of Hormuz—a chokepoint for 20% of global oil shipments.
With tensions peaking, analysts believe oil prices could remain volatile as markets brace for potential supply shocks from the Middle East.
Kosta Gushterov
Reporter at Coindoo
Kosta joined the team in 2021 and quickly established himself with his thirst for knowledge, incredible dedication, and analytical thinking. He not only covers a wide range of current topics, but also writes excellent reviews, PR articles, and educational materials. His articles are also quoted by other news agencies.
