The molten fireballs and belching smoke over the Middle East early Thursday signaled a dramatic escalation in the Iran war — and its threat to the global economy.
Israel launched a widespread strike on Iran’s world-largest gas field, South Pars, triggering retaliation from Tehran against key energy sites across the Gulf Arab states.
Like the blockaded Strait of Hormuz, these facilities dictate global prices for energy and other goods, which soared early Thursday. Economists are alarmed this disruption could cause a global economic shock triggering price rises and shortages for billions of people.
With American allies in the Gulf and Europe expressing fury, President Donald Trump said Israel would launch no more attacks on the gas field unless Iran again bombed U.S. partner Qatar. If Tehran did so, he vowed he would “massively blow up the entirety of the South Pars Gas Field.”
Qatar is livid with Iran but also the United States and
...Keep reading this article on NBC News.
