Gas spirals after Israeli strikes trigger retaliation, Moscow warns of ‘tipping point’ (PHOTOS, VIDEOS)

The US president has cautioned Tehran against further strikes on Qatari LNG facilities

US President Donald trump has threatened to “massively blow up” Iran’s South Pars natural gas field if Tehran continues strikes on Qatari energy facilities. South Pars – shared with Qatar, where it is known as the North Field – is the world’s largest natural gas field.

Following Israeli strikes on South Pars, which are known to have upset Trump, Iran launched retaliatory strikes on Qatari energy facilities which according to Doha caused “extensive damage” sending gas prices spiralling.

Trump claimed no further Israeli attacks would target the South Pars field – but warned that the US would destroy ”the entirety” of the field if Tehran targets Qatar again.

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Russian presidential envoy Kirill Dmitriev described the exchange of strikes on gas infrastructure as a “tipping point” in the escalating conflict.

Kremlin spokesman Dmitry Peskov, meanwhile, noted that President Vladimir Putin had repeatedly warned that escalation around Iran would destabilize the Middle East and global energy markets.

“We are now witnessing this extreme destabilization throughout the region. The geography of military operations is expanding. We are also seeing the destabilization of global energy markets,” he told reporters on Thursday. “These are the consequences that the entire world is now feeling, including the Russian Federation.”

Here are the latest developments:

• Araghchi has condemned reports that the Pentagon is seeking $200 billion for war on Iran, calling it the “tip of the iceberg” of a “trillion-dollar ‘Israel First tax’” on Americans.

• European gas prices have jumped to levels last seen during the 2022 energy crisis, with Dutch TTF futures rising nearly 30% in a day after Iran’s strike on Ras Laffan. Qatar is Europe’s second-largest LNG supplier.
  
  
• Oil prices continued to surge due to Iran’s de facto blockade of the Strait of Hormuz and attacks on energy infrastructure, with Brent crude climbing above $112 per barrel and US WTI nearing $100.

• France has urged a moratorium on strikes targeting energy facilities in the region. Iranian Foreign Minister Abbas Araghchi said it was ”sad” that French calls for de-escalation came only after Tehran struck Qatar, lamenting that the West had still not condemned the US-Israeli attacks on Iran. 

Follow our live coverage below for continuous updates. You can also read our previous updates here.