Oil Price SOARS After Israel Hits World’s Largest Gas Field

March 30, 2026·1 hr 6 min·5 clips

Israel's airstrike on the South Pars gas field sends oil prices soaring and risks dragging Gulf states into war.

This episode of Novara Live covers an Israeli airstrike on a processing facility connected to the South Pars gas field, which spans Iranian and Qatari territory in the Persian Gulf. The hosts frame the strike as a significant escalation because previous Israeli attacks had not targeted natural gas infrastructure. Axios reports indicate the United States approved the strike despite previously discouraging attacks on energy facilities. Qatar's foreign ministry publicly condemns the attack, calling it a threat to global energy security. The UAE issues a similar statement. Iran's IRGC-affiliated Telegram channels warn that oil refineries and gas fields in Qatar, Saudi Arabia, and the UAE are now legitimate targets, with evacuation orders issued for nearby citizens and workers. Oil prices spike from $101 to over $108 per barrel. Co-host Aaron Bastani argues this is a larger escalation than the killing of Ayatollah Khamenei, which he says served both Israeli propaganda and Shia martyrdom narratives. He contends Israel has made a calculated bet that it does not mind if Gulf Arab economies collapse, as long as Iran's economy is destroyed and Israel emerges as the dominant regional power. The discussion turns to Donald Trump's Truth Social posts, in which he floats the idea of finishing off what remains of the Iranian state and abandoning responsibility for the Strait of Hormuz, through which 20 million barrels of oil flow daily. Press Secretary Carolyn Leavitt confirms the administration's position that the U.S. is a net energy exporter and does not depend on the Strait. Bastani analyzes the predicament of Gulf states that invested hundreds of billions in the U.S. economy assuming American protection, only to find the U.S. willing to start a conflict that imperils their security and then disclaim responsibility. He argues they would have been better served investing even a fraction of that money in diplomatic relations with Iran. The episode covers the UK political dimension: Conservative leader Kemi Badenoch, who initially supported the Iran strikes, releases a video calling Trump's rhetoric childish. Prime Minister Keir Starmer uses this reversal at PMQs to argue Badenoch rushed into supporting a war without a clear plan. Starmer's approval ratings have overtaken Reform's Nigel Farage in recent Ipsos polling. Bastani argues the crisis presents an opportunity for European energy sovereignty and reindustrialization centered on renewables and nuclear power. He suggests Reform UK has retreated to culture-war topics because it cannot address the serious policy implications of the conflict. The episode closes with discussion of whether American allies in East Asia — Japan, South Korea, Taiwan — are drawing lessons about the reliability of U.S. security guarantees.

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