Iran issued a sharp warning Wednesday that key energy facilities across the Persian Gulf could come under attack following an Israeli strike on its South Pars gas field, a move that has heightened regional tensions and sent shockwaves through global energy markets, according to Bloomberg.

Iran’s semi-official Tasnim news agency reported that installations in Qatar, Saudi Arabia, and the United Arab Emirates have been designated as “legitimate targets” in retaliation for the strike.

In a separate report, the Fars news agency stated that attacks on Iran’s energy infrastructure “will not go unanswered.”

The threats follow reports that Israel carried out a strike on the South Pars gas field, one of the largest natural gas reserves in the world, jointly shared by Iran and Qatar. An Israeli official, speaking anonymously, confirmed that the operation took place.

Qatar strongly denounced the strike, with Foreign Ministry spokesperson Majed Al Ansari describing it as a “dangerous and irresponsible step” in a statement shared on social media.

Oil markets reacted immediately to the escalation. Brent crude prices rose above $108 per barrel after Iran’s warning, continuing a sharp climb that has seen prices jump nearly 50% since the conflict began on Feb. 28, when U.S. and Israeli forces launched coordinated attacks on Iran.

The ongoing fighting has already disrupted energy production in the region, especially near the Strait of Hormuz, a key global shipping route for oil. Some producers in the area have scaled back output due to growing security risks.

President Donald Trump on Wednesday again urged U.S. allies to play a larger role in protecting the strategic waterway, voicing frustration over what he sees as insufficient international involvement.

At the same time, Iran launched a new round of missile and drone strikes targeting the UAE, Saudi Arabia, and Kuwait, while also hitting Tel Aviv, where officials reported two deaths. The attacks came after Tehran confirmed the killing of senior security official Ali Larijani.

Iranian military officials have pledged to avenge Larijani’s death, as well as the killing of Gholamreza Soleimani, the commander of the Basij paramilitary organization.

Israeli officials also reported that Iran’s intelligence minister, Esmaeil Khatib, has been killed during the conflict.

The United States has stepped up its military campaign, confirming that it used 5,000-pound bunker-busting bombs against Iranian missile sites near the Strait of Hormuz late Tuesday. The strikes are part of broader efforts to restore safe passage for commercial shipping through the area.

Despite the escalation, Iran’s oil exports appear to be continuing largely uninterrupted. Traffic through the Strait of Hormuz remains close to normal levels, and loading operations at Kharg Island, one of Iran’s main export hubs, have proceeded without significant disruption.