By Tucker Reals
Updated March 19, 2026
Overview
The U.S. and Israel’s campaign against Iran expanded sharply after an Israeli strike struck the South Pars natural gas field — a massive facility Iran shares with Qatar — prompting a wave of Iranian retaliation across the region. In response to the strikes and subsequent attacks on Gulf energy infrastructure, global oil and gas prices jumped and markets slumped. Director of National Intelligence Tulsi Gabbard told senators that Iran’s leadership ‘appears to be intact,’ though it is ‘largely degraded.’
What happened
– Israeli forces struck the South Pars field, touching off a round of Iranian missile and drone attacks on Gulf states and facilities. President Trump, posting on Truth Social, said the U.S. ‘knew nothing’ about the Israeli strike, insisted Israel would not attack South Pars again and warned that if Iran hits Qatari energy assets, the United States would ‘massively blow up the entirety of the South Pars Gas Field.’ Israeli officials have not publicly confirmed the strike or commented on the president’s warning.
– Gulf states reported multiple strikes on oil and gas infrastructure. Saudi authorities said a drone struck the SAMREF refinery in Yanbu on the Red Sea, with damage assessments under way. Kuwait suffered earlier strikes at the Mina Al‑Ahmadi and Mina Abdullah refineries, setting fires at Mina Al‑Ahmadi, one of the region’s largest refineries (730,000 barrels per day capacity). Abu Dhabi reported it shut operations at the Habshan gas facility and the Bab field after overnight attacks, calling the strikes a ‘dangerous escalation.’ Qatar, Saudi Arabia and the UAE condemned the attacks, and Saudi officials said any remaining trust in Iran was ‘completely shattered.’
Market impact
Markets reacted immediately to the widening violence and Trump’s warning. Reuters reported U.S. crude futures jumped above $97 per barrel, Brent rose to $111.87 a barrel — about a 4% increase on the day — and U.S. natural gas climbed roughly 3%. Asian and European equities fell: Japan’s Nikkei dropped more than 3% and South Korean stocks fell about 2.8%, while European futures were down over 1.5% ahead of the open. Analysts warned the conflict is now ‘hitting the plumbing of the global energy system,’ raising stagflation risks beyond disruption to the Strait of Hormuz.
Iranian strikes on Israel and the West Bank
Iran launched multiple waves of missile attacks at Israel, including use of cluster munitions. Most projectiles were intercepted by air defenses, but falling debris and bomblets caused damage and casualties. An elderly man in Tel Aviv was lightly injured by debris. A cluster bomblet killed a Thai agricultural worker in Adanim in central Israel, and another landed on a home in Jaljulia with no reported injuries. Palestinian media reported fatalities from a direct hit in Bayt Awwa in the occupied West Bank; those accounts were not immediately confirmed.
Maritime and Gulf incidents
The U.K. Maritime Trade Operations Center reported a vessel was ‘hit by an unknown projectile’ off Qatar’s Ras Laffan area; the ship and projectile were unidentified and the crew were reportedly safe. Iran has been attacking commercial vessels in the Gulf for weeks in response to U.S.-Israeli strikes, severely disrupting traffic through the Strait of Hormuz. Attacks had eased slightly before the South Pars strike, after which Iran stepped up assaults on Gulf targets.
Damage at QatarEnergy facilities
QatarEnergy reported extensive damage to the Pearl GTL plant at Ras Laffan and said multiple LNG facilities were struck, causing sizeable fires and further damage. Initial statements reported no casualties.
Allied military planning
A small U.K. planning team is working with U.S. Central Command on options to reopen the Strait of Hormuz, augmenting U.K. planners already assigned to CENTCOM in Tampa. Allies have been reluctant to join direct combat alongside the U.S. and Israel; officials say partners may consider mine-detection and other support after the most intense hostilities subside. The issue of allied contributions is expected to arise during a planned meeting between Japanese Prime Minister Sanae Takaichi and President Trump, though Japan’s constitution limits its Self‑Defense Forces from offensive operations.
Other developments
– Missile-alert sirens sounded across the Gulf as Israel warned of incoming fire during the latest exchanges.
– The conflict continues to paralyze segments of global maritime traffic and place added strain on energy markets as damage assessments and casualty reports are still emerging.
Intelligence and strategic picture
Despite sustained U.S.-Israeli strikes against Iran’s leadership and infrastructure, U.S. intelligence officials report Iran’s governing structures remain in place but have suffered significant degradation. Analysts caution that further damage to key gas and LNG facilities could have prolonged effects on global energy supplies and prices.
Sources: CBS News reporting; Reuters; QatarEnergy; UKMTO; state news agencies; AP.