Oil and gas prices soar as Iran vows to retaliate for South Pars

Oil and European natural gas prices surged as Iran pledged to retaliate in response to attacks on the country’s upstream energy assets.

Brent oil climbed as much as 5% to a high of $108.60 a barrel, while Europe’s gas benchmark jumped as much as 7.9%, according to data from ICE Futures Europe.

Iran said that the US and Israel attacked the South Pars gas field and associated facilities at Asaluyeh. It issued a warning about staying away from a range of similar assets in Saudi Arabia, Qatar and the United Arab Emirates.

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