An Israeli airstrike on Wednesday targeted the South Pars gas field in Iran, the largest of its kind globally, leading to a surge in energy prices as Tehran threatened retaliatory strikes on energy infrastructures throughout the Gulf region.

The South Pars gas field, which is a collaborative venture between Iran and Qatar, experienced multiple explosions, according to reports.

Qatar condemned the airstrike, describing it as a deliberate assault.

“Israel’s targeted attack on facilities connected to Iran’s South Pars field, which extends into Qatar’s North Field, is a reckless act amidst the current military tensions,” stated Majed Al Ansari, spokesperson for the Qatari Foreign Ministry.

Iran’s central military command has issued a stern warning, promising a swift and forceful retaliation, indicating potential attacks on Gulf energy sites.

Following the airstrike, Brent crude oil futures skyrocketed to almost $109 per barrel, a significant jump from their opening price of approximately $101 on Wednesday.

US stocks also slipped in early trading.