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 has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
