The European energy market reacted immediately to developments following the strike on the South Pars gas facility in Iran and threats of retaliation, with both natural gas and oil prices jumping again.

Brent, the main benchmark for crude oil, was up more than 5.9% at 16:45 Greek time, approaching $109.5 per barrel—reflecting widespread market concern over energy security.

At the same time, the benchmark price of European natural gas (TTF) in Amsterdam was up more than 8% at 16:45 Greek time, approaching €55 per megawatt-hour.

Iran’s announcement that the South Pars gas field—one of the largest in the world—had been targeted has intensified the climate of uncertainty.

Iranian state television reported that airstrikes by the United States and Israel hit South Pars and nearby petrochemical facilities in Asaluyeh.

South Pars had recorded a daily production record of 730 million cubic meters in 2025.

Analysts note that Tehran has multiple options for retaliation, which may include attacks on energy infrastructure in the Persian Gulf. Such a scenario could significantly affect the flow of oil and natural gas from the region, further increasing tension in global markets.

About 20% of global LNG flows normally pass through the Strait of Hormuz, which remains largely closed following last month’s attacks.