Iran Conflict — 2026-03-18

US-Israeli Strikes Hit South Pars Gas Field; Iran Threatens Gulf Energy Targets

US-Israeli strikes hit Iran's South Pars gas field, the world's largest natural gas reserve shared with Qatar, damaging Phases 3-6 and forcing emergency shutdowns. Iran responded by issuing evacuation warnings for energy facilities across Saudi Arabia, the UAE, and Qatar, including the Samref Refinery, Jubail Petrochemical Complex, and Mesaieed. Brent crude surged to $108.60/bbl intraday, up nearly 50% since the war began.

Analysis
Prior INTSUM (0740) reported the Iran war had cost $11.3B in its first week alone. The South Pars strikes represent a new phase of energy infrastructure targeting -- escalating from refinery strikes to the world's largest gas reserve, shared with Qatar, with potential to fracture GCC solidarity.