Brent crude oil futures rebounded above $105 a barrel after reports of an attack on Iran’s South Pars gas field, which it shares with Qatar. Iranian state television said that US and Israeli airstrikes targeted South Pars and nearby petrochemical facilities in Asaluyeh, representing the first known strike on Iran’s upstream energy infrastructure in the current conflict. South Pars reached a record daily output of 730 million cubic meters in 2025.
Overnight, Iranian attacks on Israel and Gulf states continued, as Tehran pledged to avenge the killing of security chief Ali Larijani. Israel, meanwhile, said that Iranian intelligence minister Esmaeil Khatib had been killed. President Trump stated that the United States could bring the war with Iran to an end “in the near future.”
In a separate development, Iraq plans to resume crude exports via the pipeline to Turkey’s Ceyhan port, although the restored flows will amount to only a fraction of prewar output. At the same time, data from the American Petroleum Institute (API) showed that US crude inventories rose by 6.56 million barrels last week, far surpassing market expectations.
